Azerbaijan to introduce New Tax Rules for cryptocurrency businesses, boost support for SMEs

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.