Azerbaijan is rushing to get its cryptocurrency regulations sorted out by the end of 2025, but there are still a ton of questions about how taxes will work and why big banks haven’t jumped into crypto yet. Elnur Guliyev, who runs Crypto Consulting and teaches at UNEC Business School, recently talked about what’s going on with these new rules.
The Central Bank is handling most of the work, but honestly nobody really knows the exact details yet because nothing official has been released publicly. Guliyev thinks Azerbaijan needs separate tax rules specifically for crypto instead of just using the current system. He says proper tax laws would actually help legitimize everything and bring more investors in rather than scare them away.
There’s worry that if taxes are too harsh, people will just move their trading to foreign platforms. But Guliyev is pretty confident that if the government does this gradually with fair, transparent rules, it’ll actually grow the market long-term instead of killing it.
As for why big financial institutions haven’t touched crypto in Azerbaijan yet, Guliyev basically says the legal framework is a mess right now. Banks don’t want to risk their reputation when there are no clear rules about what’s allowed or not. Plus, the Central Bank doesn’t even recognize crypto as an official financial instrument, so everyone’s just waiting for someone else to make the first move.
Conclusion
Azerbaijan’s crypto future depends on clear, fair regulations. If tax and legal frameworks are transparent and supportive, investors and banks will engage confidently. Balanced rules could legitimize the market, prevent capital flight, and encourage sustainable growth instead of hesitation.
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