Crypto Regulations in Uzbekistan
In December 2019, the National Agency for Project Management under the President of the Republic of Uzbekistan (NAPM) banned the country’s residents from purchasing cryptocurrencies, resulting in a massive blow to the country’s crypto industry. Residents are still permitted to hold and sell the crypto holdings that they already own, but they are required to follow extensive identification procedures to curb money laundering. Non-residents, on the other hand, were allowed to participate in the country’s first regulated cryptocurrency exchange, Uznex, which was launched by Kobea Group, a technology company from South Korea, starting in January 2020.
Source: Freeman Law
Authorities in Uzbekistan are restricting access to online crypto trading platforms based outside the country and not registered under its laws. A presidential decree obliges citizens and local companies to only use digital asset exchanges licensed by the government of the Central Asian nation.
Source: News Bitcoin
The decree recognizes digital assets-related activities such as mining and operations of service providers within the space. Furthermore, according to the act, residents of the country are permitted to carry out digital asset-related activities on exchanges that had procured licenses from January 1, 2023.
Source: Coingeek
The Republic of Uzbekistan continues to progress with local cryptocurrency regulations, with Uzbek President Shavkat Mirziyoyev issuing a new decree regulating the industry. The Republic of Uzbekistan is preparing to adopt a new crypto regulatory framework including a 7.5% income tax on crypto-related salaries.
Source: Cointelegraph
Under the Rules of crypto-exchange trading, residents of Uzbekistan cannot buy digital currency. They are only allowed to sell crypto assets and tokens. This restriction does not apply to citizens of other countries. They have the right to buy and sell crypto assets, subject to their mandatory identification and the conclusion of official contracts with them.
Source: Mondaq
A presidential directive mandates that people and local businesses use only government-licensed digital asset exchanges in the Central Asian nation. These unregistered activities, according to the regulatory agency, encourage the trade of cryptocurrencies and request personal information without complying with the need that their servers to be installed in the country.
Source: Bitcoinist
UZEX is the first and only cryptocurrency exchange in Uzbekistan. The exchange allows users to buy and sell Bitcoin, Ethereum, and other major cryptocurrencies. In 2020, UZEX also launched a mobile app for trading cryptocurrencies.
Source: The News Mill
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The main goal of the establishment of the Regulatory sandbox “Uzbekistan Blockchain Valley” is to create a single platform for testing and pilot implementation of projects in the field of crypto-asset turnover and blockchain technologies that is not regulated within the applicable legal system at the national level, the formation of new regulatory mechanisms and the implementation of testing of these regulatory mechanisms, reducing the time and cost of bringing innovative digital technologies to the country’s market.
Source: Old Napm
