Azerbaijan implements cryptocurrency seizure and industry restructuring

Azerbaijan has seen several significant administrative and legal developments following recent presidential decrees. In a landmark legal case, the Yasamal District Court ordered the first-ever confiscation of cryptocurrency to the state. Two individuals, B. H. R. and I. R. F., were convicted of illegal money transfers between Azerbaijan and foreign countries. As part of the ruling, 830 units of cryptocurrency held in a Binance account were seized by the state.

Additionally, President Ilham Aliyev signed decrees regarding the restructuring of state entities. The Seaside Boulevard Administration will be reorganized into the Seaside Boulevard Closed Joint-Stock Company, which will manage the maintenance and development of the Baku National Park. Furthermore, the Azerrhalcha Open Joint-Stock Company will merge with Azepək Open Joint-Stock Company to consolidate the silk and carpet industries, aiming to strengthen the production chain and protect national craftsmanship heritage.