Residents of Uzbekistan can now purchase, sell, and exchange crypto assets for their national currency and foreign fiat.
It became possible after the National Agency for Project Management (NAPM), led by President Shavkat Mirziyoyev, established the rules for cryptocurrency trade in the country.
Additional changes pertain to digital tokens and their issuance and trading. The NAPM forbids the listing of unsecured tokens on local exchanges.
Cryptocurrency trading was authorized by the Uzbek government in 2018, but the purchase of cryptocurrencies was restricted by the government late in 2019. This only allowed for cryptocurrency selling.
In September of this year, the NAPM advised residents not to trade on unregistered platforms and reminded them that cryptocurrencies require permits under the presidential decree “On measures to develop the digital economy of Uzbekistan” and the law “On licensing and notification procedures.”
In January 2020, Uzbekistan’s government announced plans to establish a national mining pool, establish a blockchain valley, exempt cryptocurrency from taxes, and open a cryptocurrency exchange.
For now, however, the use of cryptocurrencies as a payment method for goods and services remains illegal in central Asian countries.