A draft law providing for administrative liability measures related to crowdfunding activities and currency transactions was discussed at a joint meeting of the Milli Majlis committees on Legal Policy and State Building, as well as Labor and Social Policy.
According to the draft, if operators of crowdfunding platforms do not disclose or publish the information required by law, officials will be fined 1,500-2,000 manats, and legal entities - 3,000-4,000 manats.
Also, in cases of evasion from submitting activity reports to the Central Bank, providing distorted information, or delaying reports, officials will be fined 1,000-1,500 manats, and legal entities - 2,000-3,000 manats.
For violation of the rules for storing documents and information related to platform management, officials will pay a fine of 500-600 manats, and legal entities - 1,000-1,500 manats.
In addition, officials will be fined 2,000-3,000 manats for violating the rules for managing funds in the field of crowdfunding, and legal entities - 6,000-7,000 manats. Violation of the rules for conducting campaigns will result in a fine of 2,000-3,000 manats for officials and 4,000-5,000 manats for legal entities.
The draft law also includes new sanctions for violating currency regulation requirements. In cases of failure to submit the required documents on time during transfers abroad or failure to bring funds to the country within the specified period, individuals, officials and legal entities will face fines calculated with interest, depending on the amount of foreign currency funds.
