The Central Bank of Azerbaijan (CBA) has received 21 applications for testing innovative products in the areas of virtual assets, payment services, the insurance sector, and other financial markets under its special regulatory regime, Azernews reports.

The CBA is currently evaluating these applications.

The special regulatory regime established by the Central Bank enables financial institutions and FinTech organizations to test innovative financial services with real customers within a controlled and specified period. This initiative aims to accelerate the implementation of these services in the market, enhance their competitiveness, and eliminate various obstacles.