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Uzbekistan legalizes cryptocurrency transactions

May 3, 2021

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.


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