Uzbekistan allows residents to trade cryptocurrencies on local exchanges – Bitcoin exchanges News

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Changes to the rules governing crypto exchange activities in Uzbekistan now allow residents to exchange coins on licensed platforms. Uzbekistanis could previously only sell their digital assets. The new provisions also regulate the issuance of tokens and their listing.

Uzbekistan loosens restrictions on domestic crypto trade

Uzbekists will be able to trade digital currencies on the country’s licensed crypto exchanges. This became possible after President Shavkat Mirziyoyev’s National Project Management Agency (NAPM) recently changed the rules for local cryptocurrency trading.

According to the new regulations, residents of Uzbekistan can buy, sell and trade crypto assets nationally for their national currency, Forklog reported, citing a decree issued by the agency director. Non-residents are also allowed to exchange cryptocurrencies for foreign fiat.

Uzbekistan legalized cryptocurrency trading in 2018, but in late 2019, the government banned local residents from purchasing cryptocurrencies. They could only sell. The regulator explained that the lifting of the restrictions is linked to the fact that citizens are changing their approach to investing in crypto, which has become “more rational and balanced.”

In September this year, the NAPM warned against trading on unregistered platforms, reminding residents that, in accordance with the Presidential Decree “On measures to develop the digital economy in the Republic of Uzbekistan” and the law “On licensing and notification procedures”, crypto exchange operations are subject to authorization.

The changes also relate to the issuance and trading of digital tokens. The National Project Management Agency prohibits the listing of unsecured tokens on local exchanges. The regulations define tokens as a unit of account secured by tangible or other property and used to attract investment, detailed the NAPM.

The authorities in Tashkent have maintained a generally positive attitude towards the crypto space. In January 2020, they announced their intention to create a national mining pool, create a blockchain valley, introduce cryptocurrency tax exemptions, and establish a cryptocurrency exchange. Uznex, a digital asset trading platform operated by South Korean entity Kobea Group, was launched later that same month.

However, the use of cryptocurrencies as a means of payment for goods and services is still prohibited in this Central Asian country. In September, the Central Bank of Uzbekistan ruled out the idea that bitcoin and the like could be recognized as legal tender in the country. That is unlikely to change, a senior official said.

Tags in this story Bitcoin, Central Asia, Coins, Crypto, Crypto Assets, Crypto Exchanges, Crypto Trading, Cryptocurrencies, Cryptocurrency, Digital Assets, Digital Coins, Exchanges, Investors, Licensed Exchanges, Licenses, Licenses , non-residents, authorization, residents, restrictions, traders, trading platforms, Uzbekistan, Uzbekistan

Do you expect Uzbekistan to relax its crypto regulations further? Let us know in the comments section below.

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