BAKU, Azerbaijan, August 6. The trial run of
the cutting-edge products handpicked during the initial phase of
the special regulatory framework rolled out by the Central Bank of
Azerbaijan (CBA) has wrapped up, Trend reports via the CBA.
Following evaluation of the four items that made it through the
initial round of testing, the following conclusions were
reached:
Pasha Pay LLC – Integration of the m10 application with
the Binance platform
The project envisages the integration of the m10 application
with the Binance platform to conduct cryptocurrency transactions
more safely and transparently. Through this integration, users can
deposit and withdraw funds from their Binance wallets. The product
testing results were considered successful, and the product was
given the green light for another six months.
Unicapital Investment Company OJSC – Cryptobroker
platform
The Cryptobroker platform provides the opportunity to easily and
safely buy, sell, and store virtual assets. The product testing
results were considered successful and extended for an additional
six months.
Mobile Payment Solutions LLC – PortCoin
cryptocurrency
The PortCoin cryptocurrency was issued as part of the project
and was offered to Portmanat users for investment purposes. Due to
the failure to achieve the expected test results during the trial
period, the project was suspended.
Svort LLC – Crypto trading platform
The project presented by Svort LLC provided for the purchase and
sale of virtual assets (tokens) with fiat funds, the exchange of
various tokens for each other, the opening of cryptocurrency
wallets, and the safe storage of customers’ virtual assets. Due to
the failure to achieve the expected test results during the trial
period, the project was suspended.
To note, the purpose of the special regulatory regime is to test
innovative financial products in financial markets within a limited
framework and under the supervision of the CBA and to form a
regulatory and legal basis for the large-scale application of
products that show successful results.
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