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Azerbaijan may simplify issuing licenses for opening currency exchange offices

Azerbaijan may simplify issuing licenses for opening currency exchange offices
It is proposed to simplify the process of issuing licenses for opening currency exchange offices in Azerbaijan according to amendments to the Law on Currency Regulation, submitted to the Azerbaijani parliament, Trend reports.
Presently, the Financial Market Supervisory Authority of Azerbaijan (FIMSA), when issuing a license for opening a currency exchange office, must coordinate this with a relevant executive authority. This procedure may be cancelled by the proposed amendments.
In December 2017, FIMSA prepared a new procedure for conducting currency exchange operations after the Azerbaijani Parliament adopted amendments to the Law on Currency Regulation, which allowed individuals and legal entities to open exchange offices.
FIMSA also prepared a procedure for supervising the currency exchange offices and an application form for obtaining a license for operating a currency exchange office.
Presently, currency exchange offices can operate only at banks.

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