Uzbekistan people can trade cryptos on local goods. Uzbek residents can now trade coins on regulated platforms following modifications to the legislation. Governing the activities of cryptocurrency exchanges in the country. Until recently, Uzbek citizens could only sell their digital assets on the internet. The issuance of tokens as well as their listing on exchanges are likewise governed by the new provisions. Uzbekistan relaxes restrictions on cryptocurrency trading within the country.
Uzbek citizens will be permitted to trade digital currencies on cryptocurrency exchanges. That have been licensed by the government of the country. This is now allowed since the National Agency for Project Management (NAPM). Which is led by President Shavkat Mirziyoyev. Has modified the laws governing cryptocurrency trading in the country.
According to the new regulations, residents of Uzbekistan will be able to purchase, sell, and swap cryptocurrency assets. For their national currency within the country, according to Forklog. Which cited an order issued by the agency’s head. The trade of cryptocurrencies for foreign fiat currency also permitted for non-residents.
While the government of Uzbekistan approved cryptocurrency trading in 2018, it prohibited local residents. From purchasing cryptocurrencies as of late 2019. They were only able to sell. According to the regulatory authority, the easing of the prohibitions is due to a shift. In individuals’ attitudes toward cryptocurrency investing. Which has become “more sensible and balanced.”
The National Anti-Money Laundering (NAPM) issued a warning against trading on unregistered platforms. In September of this year, reminding residents that crypto exchange operations. Are subject to licensing under the presidential decree. “On measures to develop the digital economy in the Republic of Uzbekistan.”And the law “On licensing and notification procedures,” which both came. Into effect in September of this year.
The changes also affect digital token issuance and trading
The modifications also address the issuance and trading of digital tokens, among other things. Uzbekistan people can trade Cryptos on local exchanges not permitted to list insecure tokens due to restrictions imposed. By the National Agency for Project Management. According to the National Association of Property Managers. Tokens are define as a unit of account guaranteed by tangible. Or other property and used to attract investment.
Generally speaking, authorities in Tashkent have maintained a supportive approach toward the cryptocurrency field. They stated plans to construct a national mining pool in January 2020. As well as to establish a blockchain valley, introduce cryptocurrency tax exemptions. And establish a cryptocurrency exchange in February 2020. Earlier in the month, Uznex, a digital asset trading platform operated. By the South Korean company Kobea Group, established.
However, the usage of cryptocurrencies as a method of payment for products and services. In the Central Asian country still forbidden. In September, the Central Bank of Uzbekistan ruled out the possibility of bitcoin and other cryptocurrencies accepted. As legal cash in the country, among other things. According to reports, a high-ranking official stated that this is unlikely to alter in the future.
According to a recent official document published by NAPM. (National Agency for Project Management under the President of the Republic of Uzbekistan). A number of adjustments to the licensing procedures. For cryptocurrency trading are being consider.