(MENAFN- Trend News Agency) BAKU, Azerbaijan, April 30. The Central Bank ofAzerbaijan (CBA) has disclosed the objectives of a specialregulatory regime, the Head of the CBA Department of FinancialTechnologies and Innovations Sahib Hasanov said at the presentationof the bank's "Special Regulatory Regime", Trend reports.
According to him, many countries have a special regulatoryregime in place.
"The special regulatory regime consists of a set of rulesgoverning the testing of innovative services and products by legalentities in financial markets within limited frameworks and underthe supervision of the CBA," Hasanov explained.
He emphasized that the main goal is to create a platform toenhance financial inclusivity through the implementation ofinnovative products, testing of innovative products in thefinancial sector, risk control associated with the implementationof innovative products, and the joint formulation of regulatoryframeworks with market participants.
"The special regulatory regime also offers new opportunities opportunities include reducing the time to market forinnovative products, creating opportunities for investmentattraction, eliminating regulatory barriers for innovativeproducts, reducing compliance costs, identifying changes to be madeto regulatory acts as a result of testing, and minimizing theimpact on consumers from failed projects," he added.
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