Uzbekistan’s regulator restricts access to the largest crypto exchanges
Platforms that have not been licensed have been blocked
11.08.2022 - 06:45
What’s new? National Agency of Perspective Projects of the Republic of Uzbekistan (NAPP) has restricted access to unlicensed cryptocurrency exchanges and exchangers, including foreign platforms. The regulator noted that such companies are not legally liable and cannot guarantee the legitimacy of transactions, as well as request personal data of Uzbek residents without complying with the mandatory requirement to install servers within the country. This is reported on the agency’s website.
Informational message on the website of NAPP
What other rules are in place in the country? The agency stressed that the activities of providers in the field of turnover of crypto assets in Uzbekistan are subject to mandatory licensing. The regulator refers crypto exchanges, mining pools, crypto depositories, and crypto stores to service providers.
Starting January 1, 2023, citizens and legal entities will be able to conduct transactions with cryptocurrencies only through national service providers. At the time of writing, only one platform, UzNEX, has a license to operate in the country. In addition, the agency stressed that since 2019, trading in crypto assets on foreign electronic platforms has been banned in Uzbekistan.
Earlier, NAPP presented the basic requirements and rules for miners. Only legal entities will be able to mine cryptocurrencies in the country, green electricity generated by solar photovoltaic stations should be used during the operation. Public discussions on the “On approval of the Regulations on the procedure for registering the mining of crypto-assets” will continue until July 9.
How the largest cryptocurrency exchange’s initiatives help it maintain its leadership
Nov 19, 2022
What fan coins are needed for and what events contribute to their growth
Nov 16, 2022
Why Binance set the trend to publish transparent data on available funds
Nov 14, 2022
The journalists got acquainted with the documents revealing the details of the financial condition of the exchange
Nov 13, 2022
Desperate traders with stuck assets resort to semi-legal schemes to save deposits
Nov 11, 2022
What led to the lightning collapse of the exchange, and how events will unfold in the future
Nov 9, 2022