Uzbekistan legalizes cryptocurrency transactions

[Leviathan.007]

Uzbekistan is reconsidering its position on cryptocurrency  trading.
The National Agency for Project Management under the President of Uzbekistan (NAPM) has issued an order amending and supplementing the regulations on how to license cryptocurrency exchange offices. The statement said:
“Residents of the Republic of Uzbekistan have the right to carry out on crypto-exchanges all types of crypto-exchange trades in crypto-assets and tokens for national and foreign currencies. The choice of crypto-assets as an object of acquisition and, accordingly, the consequences of this choice are the risk of the buyer himself."
These changes follow two decrees of President Shavkat Mirziyoyev, one of which was announced in July 2018 with a focus on introducing the necessary measures to develop the digital economy in the country. The second case was implemented in September 2018 focusing on measures to organize cryptocurrency exchange activities in the Republic of Uzbekistan.
To create "favorable conditions" for further development of the cryptocurrency industry, we made changes in the licensing method for the activities of digital currency exchanges.
In December 2019, Uzbekistan banned cryptocurrency trading for its citizens. Then, a year later, the first official exchange office for cryptocurrency transactions in the country called Uznex was launched in 2020.

Source: https://bitcoinexchangeguide.com/uzbekistan-is-legalizing-cryptocurrency-trading/

[bL4nkcode]

Though there are lesser volume of the uzbek users here yet, that's good news, Let's just not hope that this will not be the same on india's crypto regulation.

[BIT-BENDER]

Congratulations to every crypto-currency users in Uzbekistan, I think this is a news they would want to hear, I hope countries in Asia and Africa and some part of Europe.
But I would want to know that before now, if someone in Uzbekistan has a let's say binance account and traded on binance how would the government on Uzbekistan hold the liable, or is the ban on withdrawal to Uzbekistan banks.

[Fortify]

Uzbekistan is reconsidering its position on cryptocurrency  trading.
The National Agency for Project Management under the President of Uzbekistan (NAPM) has issued an order amending and supplementing the regulations on how to license cryptocurrency exchange offices. The statement said:
“Residents of the Republic of Uzbekistan have the right to carry out on crypto-exchanges all types of crypto-exchange trades in crypto-assets and tokens for national and foreign currencies. The choice of crypto-assets as an object of acquisition and, accordingly, the consequences of this choice are the risk of the buyer himself."
These changes follow two decrees of President Shavkat Mirziyoyev, one of which was announced in July 2018 with a focus on introducing the necessary measures to develop the digital economy in the country. The second case was implemented in September 2018 focusing on measures to organize cryptocurrency exchange activities in the Republic of Uzbekistan.
To create "favorable conditions" for further development of the cryptocurrency industry, we made changes in the licensing method for the activities of digital currency exchanges.
In December 2019, Uzbekistan banned cryptocurrency trading for its citizens. Then, a year later, the first official exchange office for cryptocurrency transactions in the country called Uznex was launched in 2020.

Source: https://bitcoinexchangeguide.com/uzbekistan-is-legalizing-cryptocurrency-trading/

It's nice to see a country reverse course on banning cryptocurrency. Far from being a symbol of strength, it has tended to be countries with poor economic performance and constant political interference in central bank monetary policies, that end up banning it. Take Russia and Turkey as examples, they try very hard to attack Bitcoin because people are using it as a means to avoid government mismanagement within their own currency. Short term it also allows corrupt politicians to shakedown local exchanges and miners for a payday, while giving them an temporary target to demonize - the trademark of authoritarian governance. Uzbekistan is actually showing themselves as progressive and it may allow new industries to open up in their country, so they should be congratulated.

[logfiles]

They probably realized that they were pissing in the wind when they tried to ban crypto trading. Even Governments with very strict financial protocols like the US and UK have found it had to completely ban crypto trading in their jurisdictions as people have resorted to VPNs, P2P and exchanges that don't have strict KYC enforcement.

[capokmerah]

Although not from Uzbekistan, I was also happy to hear the news and also felt jealous  . As a developing country, the Government of Uzbekistan is quite courageous and thinks one step ahead to prepare for future challenges.

[livingfree]

Is Uznex state owned?

That's a good news despite the country itself isn't really that much catering crypto transactions, we might be surprise how big its share in the market in the nearest future.

What's good with this news, the history that they've made after banning trading crypto, they've come to open it. I hope other countries who made the same ban will revert its decision.

[cheezcarls]

I think for me that's great news to hear regarding the legalization of cryptocurrency transactions in Uzbekistan. Despite there are only a handful of crypto users out there, but it's a great start at least. Everyone starts from small users and it continuously grow in a gradual way. Better than just nothing at all. Looking forward to their future, especially in adopting and legalizing crypto transactions.

[tippytoes]

I think for me that's great news to hear regarding the legalization of cryptocurrency transactions in Uzbekistan. Despite there are only a handful of crypto users out there, but it's a great start at least. Everyone starts from small users and it continuously grow in a gradual way. Better than just nothing at all. Looking forward to their future, especially in adopting and legalizing crypto transactions.

Maybe, this will also pave the way for some cryptocurrency exchanges to set-up a business in this country. If they are open now to any crypto activities, some crypto business owners will be encouraged to do business in their country. It will also give their businesses the option to accept crypto payment method. More than likely, some shops or merchants are now motivated to accept crypto because of their government's move towards crypto. All in all, this will be good for crypto adoption in their country, even as of now, their crypto users are not that in large population.

[MAK400]

Uzbekistan legimate cryptocurrencies which a good news for cryptocurrencies supporters and investors in Uzbekistan. They now easily buy service with cryptocurrencies as they wish.

[akm3535]

The number of investors in Uzbekistan may not be too much, but this development is very important and valuable for the country. This move, which Uzbekistan made when the number of investors was not so developed, is an indication that investors are increasing with confidence, that there is a future of cryptocurrencies in their country and that crypto currencies are now a more reliable investment tool for Uzbekistan.

[Kemarit]

Is Uznex state owned?

As far as I can remember, it was own by a Korean based company.

That's a good news despite the country itself isn't really that much catering crypto transactions, we might be surprise how big its share in the market in the nearest future.

What's good with this news, the history that they've made after banning trading crypto, they've come to open it. I hope other countries who made the same ban will revert its decision.

Yeah, definitely this is a good and welcoming news. It seems though that countries in the second and third tier are more friendly to crypto because they know that it's going to be a game changer for them and for their constituents. Win-win situation, so why not adapt and accept it.

[Rruchi man]

Great news for the crypto community in Uzbekistan and worldwide. If you follow the news from Uzbekistan properly, you will find out Uzbekistan was first very friendly to crypto currency, and then they suddenly banned cryptocurrency purchase and use in general and now this. I sincerely hope it stays the way.

Congratulations to every crypto enthusiast in Uzbekistan.

[SquirrelJulietGarden]

Bitcoin or cryptocurrency transactions don't need legally acceptance from governments to be broadcasted on the networks.

The bad things are what will happen after a transaction already was broadcasted and confirmed. Governments can freeze your crypto address if it is on a centralized network and owned by centralized companies as Tether and Tether USD.

They can freeze your bank accounts. Many other things that can be requested by governments.

Fortunately, Bitcoin transactions are borderless, free of government controls and you can get privacy so h For connection and Coin Join transaction

[ampu]

Legalizing crypto transactions may also include regulations on paying crypto transaction taxes. I believe that governments find the trading volume of cryptocurrency exchanges large enough for them to make a profit.
If Uzbekistan accepts the widespread use of cryptocurrencies in payment for transactions, that is even better.

[lifeforcepools]

And this is the right decision! After all, it will attract new investors and new cash flows.

[johnwest]

Legalizing crypto transactions may also include regulations on paying crypto transaction taxes. I believe that governments find the trading volume of cryptocurrency exchanges large enough for them to make a profit.
If Uzbekistan accepts the widespread use of cryptocurrencies in payment for transactions, that is even better.

It is definitely a good sign even though there may be hidden agendas from the government of the country. Uzbekistan is a restricted country, not everyone is free to do everything in it. Also, very little news comes out of it. If the government banks start using crypto for their transactions then it will be a great step ahead for the implementation but if the government wants to put a hold on the country's crypto traders then I guess it will be worse for the community than good.

[btc_angela]

And this is the right decision! After all, it will attract new investors and new cash flows.

You mean from local Uzbeks? definitely, and since this news, I think there might be more Uzbeks that are going to be interested to invest on bitcoin and crypto again.

Some governments around the world realised that it might be futile to fight crypto, because sooner or later it will blow up, and you don't want to be left out in the closet when all your neighbours have at least adopt crypto. So this is a good move from Uzbekistan government.

[Anonylz]

Good and I hope other countries will see reasons why they should also legalize crypto instead of trying so hard to ban it without success,
This by far better than people indulging in crypto Secretly and getting scammed in the process, there will always be a price to pay when each government of respective countries decide to embrace crypto, but if the benefits outweighs the price then why not.

[DeathAngel]

I don’t think the market gives much of a damn about what Uzbekistan does or doesn’t do but this is obviously good news for those living in Uzbekistan. I’m not sure what kind of volume is there from those living in Uzbekistan but good for them I guess.