Counsel Ulvia Zeynalova-Bockin from the Baku office contributed the chapter on Azerbaijan in the recently released first edition of The Virtual Currency Regulation Review. In the chapter, she provides an overview of the current legal and regulatory environment with regards to virtual currencies in the country, including specific areas such as money transmission under the Banking Law, anti-money laundering, tax aspects of trading virtual currencies, as well as shared her insights on the development of the law on the regulation of trade in virtual currencies in Azerbaijan.

The Virtual Currency Regulation Review is intended to provide a practical, business-focused analysis of recent legal and regulatory changes and developments, and of their effects, and to look forward at expected trends in the area of virtual currencies on a country-by-country basis. The first edition of the publication, available here, covers 30 jurisdictions.

You can download the Azerbaijan chapter here.

About Dentons

Dentons is the world's first polycentric global law firm. A top 20 firm on the Acritas 2015 Global Elite Brand Index, the Firm is committed to challenging the status quo in delivering consistent and uncompromising quality and value in new and inventive ways. Driven to provide clients a competitive edge, and connected to the communities where its clients want to do business, Dentons knows that understanding local cultures is crucial to successfully completing a deal, resolving a dispute or solving a business challenge. Now the world's largest law firm, Dentons' global team builds agile, tailored solutions to meet the local, national and global needs of private and public clients of any size in more than 125 locations serving 50-plus countries.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.