Azerbaijan Confiscates Cryptocurrency Worth Millions for First Time
Azerbaijan has made history by confiscating cryptocurrency in favor of the state for the first time, marking a significant development in the country's efforts to regulate virtual assets. The verdict was handed down in the Yasamal District Court, where two defendants, B.H.R. and I.R.F., were found guilty of organizing the illegal covert transfer of large amounts of money. B.H.R. was sentenced to restriction of liberty for 2 years and 5 months and fined AZN 3 million 623 thousand 568, while I.R.F. received a sentence of 3 years and a fine of AZN 31 million 399 thousand 709.
The court also confiscated 830 units of cryptocurrency held in an account with the international virtual asset service provider Binance, which had been seized during the preliminary investigation. This move is seen as a major step towards regulating the use of cryptocurrencies in Azerbaijan and bringing them under state control. The confiscation of cryptocurrency is made possible by Article 99-1 of the Criminal Code, which allows for the seizure of instruments and means used in the commission of a crime, including virtual assets.