Changes in the rules of Uzbekistan’s cryptocurrency exchange activities now allow residents to trade coins on licensed platforms. Uzbekians could only sell their digital assets before. The new regulations also regulate the issuance and listing of tokens.
Uzbekistan relaxes restrictions on domestic cryptocurrency transactions
Uzbekians will be able to trade digital currencies on licensed cryptocurrency exchanges in the country. This has become possible after the National Project Management Agency (NAPM) under the leadership of President Shavkat Mirziyoyev recently revised the rules related to local cryptocurrency transactions.
According to Forklog, according to the new regulations, Uzbekistan residents can buy, sell and exchange crypto assets in exchange for their national currency. decree Issued by the person in charge of the agency. Non-residents can also exchange cryptocurrency for foreign legal tender.
Uzbekistan legalization Crypto transactions in 2018, but at the end of 2019 the government prohibit Local residents buy cryptocurrency. They can only sell. The regulator explained that the removal of restrictions is related to citizens’ changes to the way they invest in crypto, which has become “more rational and balanced.”
In September of this year, NAPM warn Object to transactions on unregistered platforms, remind residents that in accordance with the Presidential Decree on “Measures for the Development of the Digital Economy of the Republic of Uzbekistan” and the Law on “Licensing and Notification Procedures”, cryptocurrency trading businesses need to be licensed.
The amendment further concerns the issuance and trading of digital tokens. The National Project Management Agency prohibits the listing of unsecured tokens on local exchanges. NAPM specifies that the regulation defines a token as a unit of account that is secured by tangible or other property and used to attract investment.
The Tashkent authorities generally maintain a positive attitude towards the cryptocurrency field. In January 2020, they Announce Plans to establish a national mining pool and build a blockchain valley, introduce Encryption tax exemption, and establish a cryptocurrency exchange. Uznex, a digital asset trading platform operated by the Korean entity Kobea Group roll out Later in the same month.
However, Central Asian countries still prohibit the use of cryptocurrency as a means of payment for goods and services. In September, the Central Bank of Uzbekistan exclude The idea that Bitcoin and other Bitcoins can be recognized as legal tender in the country. A senior official said that this situation is unlikely to change.
Do you want Uzbekistan to further relax its encryption regulations? Please let us know in the comments section below.
Image Source: Shutterstock, Pixabay, Wikimedia Commons
Disclaimer: This article is for reference only. It is not a direct offer or invitation to buy or sell, nor is it a recommendation or endorsement of any product, service or company. Bitcoin Network Does not provide investment, tax, legal or accounting advice. The company or the author is not directly or indirectly responsible for any damage or loss caused or claimed to be caused by using or relying on any content, goods or services mentioned in this article.