15:43 - 4.11.2023

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November 4, Fineko/abc.az. Payment and electronic money organizations operating on the market for many years will now be covered by the regulatory framework.

ABC.AZ reports that Gunay Mahmudova, Senior Legal Adviser of the Department of Legal Support of Financial Markets of the Legal Department at the Central Bank of Azerbaijan, informed about this.

She added that the Law on Payment Organizations & Payment Services to come into force soon contains provisions in this regard:

"The law stipulates supervision of these organizations and their licensing. At that, the provisions concerning activities of foreign payment organizations within the country, as well as the issue of the payment agent, have been resolved."