Uzbekistan puts a curb on unlicensed crypto-exchanges, urges citizens to be vigilant


The Uzbekistan authorities has been working in direction of stopping crypto exchanges from working with out authorization within the nation. In a current round, the regulatory companies recognized half a dozen exchanges which “supply residents to change, promote or buy crypto-assets.”

Regulators alleged that the exchanges have been offering companies with out being based mostly or registered within the nation. The alert listing contains platforms similar to webmoneytashkent.com, wmztashkent.com, and bitcointashkent.com.

Moreover, the discharge identified the usage of social media platforms, like Telegram, to run nameless teams. It acknowledged,

“The Company urges residents to be as vigilant as potential, and never use companies of such platforms, in order to not develop into victims of fraud.”

The assertion additionally alerted the unauthorized crypto exchanges that actions within the digital financial system are topic to licensing.

The nation made a number of modifications to its authorized framework since 2018. Earlier that yr, the President of Uzbekistan signed a decree to facilitate crypto transactions, change, mining, taxation, and licensing of digital property and their suppliers. Crypto exchanges should acquire a license earlier than beginning operations.

Moreover, the digital system of the crypto-exchange server needs to be positioned throughout the jurisdiction to supply companies to its residents. Nonetheless, after 2019, the residents of Uzbekistan have been barred from shopping for digital currencies and will solely promote them below the foundations.

Final month, the Deputy Chairman of the nation’s central financial institution, Behzod Khamraev had commented that the nationwide forex in circulation is value 28 trillion soʻm. He added that the forex is backed by central financial institution property. In distinction, he added,

“You may even see an inscription on the obligations of the regulator on banknotes, and the cryptocurrency isn’t backed by something.”

He had additionally gone on to say that cryptocurrencies won’t ever be equal to currencies just like the greenback, euro, yen, ruble whereas including that,

“It’s thought-about speculative.”



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