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Uzbekistan blocks access to foreign cryptocurrencies due to unregistered trading

National Regulatory calls for the industry to comply with local legislation.

The Government of Uzbekistan, which previously took significant steps towards a moderate approach to cryptocurrencies, announced the restriction of access to a number of large international crypto -streaks in connection with accusations of unlicensed activities. In the statement of August 10, the National Agency for Promising Projects (NAPP) reported that "various electronic sites" provide services for trade and exchange of crypto assets without obtaining the necessary license in violation of the current legislation, and therefore access to them was limited. However, the tone of the application suggested that after receiving a license and fulfilling the requirements for the placement of servers in the territory of the Republic of Uzbekistan, as provided for by law, there should no longer be any obstacles to foreign exchanges providing their services. At the moment: "They are not legal liability for operations with crypto actures and cannot guarantee the legitimacy of transactions, as well as proper storage and protection of the confidentiality of personal data of citizens of the Republic of Uzbekistan." The current legislation referred to is the Presidential Decree of July 3, 2018 "On measures to develop the digital economy and the scope of crypto -actual acts in the Republic of Uzbekistan." Related: what is the new tax regime of Kazakhstan for the crypto production industry The NAPP itself received the status of the main crypto regulator in the country relatively recently - at the end of April 2022, President Shavkat Mirziyoyev issued a decree on the regulation of the industry, assigning a mission to the newly created department to adopt a "special crypto regime" in Uzbekistan. In June, the NAPP stated that it would allow bitcoin (BTC) or other cryptocurrencies in the country only to companies using solar energy. The decree also ordered any mining operator to receive a certificate and register in the national register of cryptocurrency mining companies. Binance, FTX and Huobi are one of the global exchanges that were used by Uzbek crypto -investors. Cointelegraph contacted them to confirm the situation and update the article as soon as new information appears.

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8/14/2022