In 2019 the buying and selling of cryptocurrencies was prohibited by the Uzbekistan administrative bodies. The same bodies in Uzbekistan appear to be reconsidering its stance on cryptocurrencies among new deliberations.
The president of the National Agency for Project Management (NAPM) for the Republic of Uzbekistan, issued a proposal with documents recommending server amendments to their current licensing procedures for cryptoasset trading.
The NAPM recommendations insisted that citizens should be legally permitted to engage in “all types of crypto exchange trades” even stating that the involvement of cryptoassets and tokens in exchange for the current national currency and foreign currency. Regulating bodies emphasized that investors should trade and invest at their own risk.
The proposals’ objective is to establish a protocol for registering, issuing and circulating digital assets and the authorisation of Uzbekistani cryptocurrencies under licensed cryptoasset firms. The changes have been drafted and are up for debate until May 14, 2021, in keeping with official records.
The recent developments are good indicators for Uzbekistani crypto enthusiasts and the industry, as there is a suggested shift in attitude by the NAFT and governing bodies. The advances occur just two years following its initial decision to prohibit the buying and selling of cryptocurrency. Despite the 2019 ruling currently authorities allow locals to sell their crypto holdings.
Uzbekistan has one sole national cryptocurrency exchange that has been in operation since January 2020, with authorisation from the governing bodies. However, there services are not available for Uzbekistan residents. The Uzbekistani exchange platform, Uznex was formed by Kobe Group, a South Korean technology company that offers its services to the government of Uzbekistan as technology consultants.
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