In Azerbaijan, all cryptocurrency transactions will be fully tracked and recorded.
According to Modern.az, this step will be taken to prevent tax evasion and money laundering.
According to the information, our country will start collecting data on cryptocurrency transactions and exchanging information with member countries that have adopted these standards, in accordance with the CARF standards established by the Organisation for Economic Co-operation and Development, from 2028.
The standard, to which Azerbaijan is a member, will be applied to centralized exchanges (CEX), some decentralized platforms (DEX), crypto ATMs, and brokers. It is believed that the data collected for the crypto market can be used in the future not only for tax reporting, but also to identify crypto asset owners.
Currently, 75 countries have committed to implementing CARF, and the US plans to adopt these standards in 2028 and begin information exchange in 2029.
