ISSN 2330-717X

Azerbaijan Says Cryptocurrency Profits Must Be Taxed


By Anvar Mammadov

Profit from operations with cryptocurrencies in Azerbaijan should be put under taxation, Shamil Arabov, Deputy Director General of the Department of Tax Policy and Strategic Studies of the Ministry of Taxes of Azerbaijan, during his speech at the conference “New trends in financial technologies: blockchain, cryptocurrencies and security” in Baku May 17.

He noted that, operations with cryptocurrencies take place mainly between individuals, so they relate to non-entrepreneurial activities.

“The Ministry of Taxes believes that persons engaged in operations with cryptocurrencies should register with the tax authorities, provide the tax authorities with appropriate declarations and pay taxes to the state budget,” said Arabov.

He stressed that today the issue of taxation of operations with cryptocurrencies is widely discussed around the world.

“Almost the whole world today is discussing the possibility of attracting transactions with popular cryptocurrencies to taxation. I believe that it is also necessary to take into account the wide spread of operations with cryptocurrencies in e-commerce and to work out the possibility of control by the tax authorities of the turnover of the crypto market and its legal regulation,” – said Arabov.

On May 17, the conference entitled as “New trends in financial technologies: blockchain, cryptocurrencies and security” was launched in Baku. During the conference which will last two days, financial technologies, blockchain, cryptocurrencies and other innovations in the market, as well as possible risks associated with their use will be discussed.

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