Uzbekistan Residents Granted Access to Buying Cryptocurrencies on Licensed Exchanges

The National Agency for Project Management (NAPU) under the President of Uzbekistan has amended the regulations governing cryptocurrency trading on licensed exchanges, giving residents the opportunity to trade digital currencies.

Under the updated rules, Uzbek residents will be able to buy, sell and exchange cryptoassets on licensed exchanges using the national currency. Non-residents may trade using foreign currency.

The document also codifies the possibility for legal entities to issue tokens and place them on exchanges. Unbacked tokens may not be listed on platforms.

In this context, a token is understood as a unit of account backed by tangible or other property and used to attract investment in a venture, ForkLog said, citing NAPU.

Officials attributed the loosening of the rules to a shift in how the public approaches investing in cryptocurrencies, saying it has become more rational and measured.

Earlier residents of Uzbekistan were prohibited from buying cryptocurrencies or using them as a means of payment on the territory of the country — in September the central bank excluded that Bitcoin could ever be used in this capacity.

In April, NAPU put forward a document lifting the ban on residents’ purchases of crypto assets for public discussion.

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