The Central Bank of Uzbekistan provided non-resident legal entities the right to open accounts in the country’s commercial banks with the possibility of crediting funds obtained from the sale of cryptocurrencies.
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Under the amendments, foreign currency funds transferred from the foreign accounts of non-resident legal entities that are participants in crypto exchanges, as well as funds obtained from the sale of digital assets, may be deposited into their foreign currency accounts.
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\”The funds may be directed to purchase cryptocurrencies, or transferred to the foreign accounts of these non-resident entities. Use of them for other purposes is prohibited,\” the regulator’s decree states.
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As ForkLog explained to the National Agency for Prospective Projects (NAPPP), previously non-resident foreign companies did not have the right to open accounts in Uzbek banks, except in cases established by law.
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Following the agency’s proposal, they were allowed to open accounts in Uzbek banks, transfer funds to them for subsequent crediting of funds to the crypto exchange. Subsequently, money from the crypto exchange can be sent back to their accounts in Uzbek banks, and afterwards to accounts in banks in their home country.
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In Uzbekistan, the sale of cryptocurrencies can only be conducted through licensed platforms. At present, the list includes the UzNEX exchange and four exchangers — Crypto Trade NET, Crypto Market, Crypto Express and Coinpay.
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In 2022 Uzbek authorities enacted a number of laws regulating the cryptocurrency market.
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In particular, licensing and trading on crypto exchanges rules have been established, the framework for issuance and circulation of digital assets has been designated. In addition, miners and providers of services related to cryptocurrencies began paying monthly fees.
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Earlier, ForkLog reported that in 2022 five licensed cryptocurrency companies in Uzbekistan paid more than $310,000 to the budget.