Uzbekistanis will be able to trade digital currencies on the country’s licensed crypto exchanges. This has become possible after the National Agency for Project Management (NAPM) under President Shavkat Mirziyoyev recently amended the rules pertaining to local cryptocurrency trade. According to the new regulations, Uzbekistan residents can buy, sell, and exchange crypto assets domestically for their national currency, Forklog reported, quoting a decree issued by the agency’s director.
Uzbekistan banned local residents from purchasing cryptocurrencies.
Uzbekistan had legalized crypto trading in 2018, but in late 2019 the government banned local residents from purchasing cryptocurrencies. They could only sell. The regulatory body explained that the lifting of the restrictions has to do with citizens changing their approach to crypto investing, which has become “more rational and balanced.” Earlier, 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 licensing.
The amendments further concern the issuance and trading of digital tokens.
The amendments further concern the issuance and trading of digital tokens. The National Agency for Project Management prohibits the listing of unsecured tokens on local exchanges. The new regulations define tokens as a unit of account secured by tangible or other property and used to attract investment, NAPM detailed. Authorities in Tashkent have maintained a generally positive attitude toward cryptocurrencies. In January 2020, they announced plans to establish а national mining pool, create a blockchain valley, introduce crypto tax exemptions, and establish a cryptocurrency exchange.