Azerbaijan To Introduce New Tax Rules For Cryptocurrency Businesses, Boost Support For Smes
Date
9/10/2024 8:08:24 AM
(MENAFN- AzerNews)
Nazrin Abdul
Read more
New tax regulations are being developed for individuals engaged
in Cryptocurrency business in Azerbaijan.
Fariz Jafarov, Executive Director of the Center for Analysis and
Coordination of the Fourth Industrial revolution (4SIM), shared
this update during the panel discussion on "Introduction to the
Digital and Metaspace Economy" at the "Chain Reaction 2024" forum,
Azernews reports.
He also highlighted that Azerbaijan is advancing its electronic
tender and visa platforms, fintech solutions, and is creating new
opportunities for retail trade and small to medium-sized
enterprises (SMEs).
"We aim to support over 1,200 SMEs, facilitating faster
digitalization and expanding their presence both domestically and
internationally," Jafarov stated.
It should be noted that In Azerbaijan, the government is working
on new tax regulations specifically for cryptocurrency businesses
to integrate this sector into the formal economy. This move is part
of a broader effort to embrace digital transformation, support
innovation, and ensure regulatory compliance. By establishing clear
tax rules, Azerbaijan aims to create a more stable and transparent
environment for cryptocurrency activities, which could foster
growth in this emerging sector while addressing potential
risks.
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