Uzbekistan regulators ban citizens from buying cryptocurrencies.

Uzbekistan authorities banned citizens from buying cryptocurrencies from licensed crypto exchanges in the country. However, people are free to sell the cryptocurrencies.

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Uzbekistan had legalized the crypto trading in the country last year when it introduced licensing for cryptocurrency exchanges. But the
National Agency for Project Management recently amended the crypto regulations banning people from buying more digital assets.

 

Crypto holders are allowed to sell their funds.

According to the new amendments in crypto regulations in the country, users are only allowed to sell crypto assets on registered exchanges, as reported by Forklog. The authorities also prohibited the use of decentralized cryptocurrencies as a mode of payment in the country. Along with that, crypto holders can not sell coins that have been received via anonymous transactions. The government did not reveal how they plan to recognize such transactions.

 

Amendments made based on FATF guidelines.

Uzbekistan is not the only country that changed crypto regulations in the country. Earlier, the European Union changed guidelines for crypto businesses in the continent, which led many crypto-related companies to shut down. These changes in the crypto regulations are all can be linked to FATF guidelines. Financial Action Task Force (FATF) in June this year released guidelines for crypto exchanges that most countries have to abide by. Uzbekistan legalized the use of cryptocurrencies in 2018 and encouraged blockchain adoption in the country. Earlier, Ukraine and South Korea passed a crypto law based on the same guidelines.

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Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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