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Uzbekistan is Legalizing Cryptocurrency Trading

Uzbekistan is reconsidering its stance on crypto trading by further license the activity.

The National Agency for Project Management under the President of the Republic of Uzbekistan (NAPM) has released an order that calls for amendment and an addition to the regulation on the procedure for licensing the activities of crypto-exchanges. The notice reads,

“Residents of the Republic of Uzbekistan have the right to carry out on crypto-exchanges all types of crypto-exchange trades in crypto-assets and tokens for national and foreign currencies. The choice of crypto-assets as an object of acquisition and, accordingly, the consequences of this choice are the risk of the buyer himself.”

These changes follow two decrees from President Shavkat Mirziyoyev, including one from July 2018 focusing on introducing measures to develop the digital economy in the country. The second one was in Sept. 2018, which focused on measures to organize the activities of crypto exchanges in the Republic of Uzbekistan.

To “create favorable conditions” for the further development of the crypto industry, it proposes changes to the procedure for licensing the activities of crypto exchanges.

In Dec. 2019, Uzbekistan banned its citizens from trading crypto; then, a year later, the first crypto trading exchange of the country called Uznex was launched in 2020.

Per NAPM’s latest documents, the proposed changes further seek to introduce procedures for the registration, issuance, and circulation of digital currencies.

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