Uzbekistan has allowed residents to trade on local cryptocurrency exchanges

Under the new rules, the country’s residents can buy, sell and exchange digital assets for their national currency

26.11.2021 - 12:45

571

1 min

What’s new? The residents of Uzbekistan will be able to trade digital currencies on licensed local cryptocurrency exchanges. This became possible after the National Agency for Project Management (NAPM) under President Shavkat Mirziyoyev amended the rules for trading cryptocurrencies within the country.

The NAPM director's order

What are the changes? Under the new rules, the residents of Uzbekistan can buy, sell and exchange crypto assets for their national currency. The non-residents are also allowed to exchange cryptocurrencies for foreign fiat currencies.

What events preceded it? Uzbekistan legalized cryptocurrency trading in 2018, but in late 2019, the government banned locals from buying digital assets. They could only sell them. The regulator explained that the lifting of restrictions is due to the fact that citizens have changed their approach to crypto investing, which has become more rational and balanced.

In September 2021, 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,” cryptocurrency exchange operations are subject to licensing.

Author: