By Jamie G - Crypto Professional - 30-04-2021
After prohibiting people from buying and selling cryptocurrency in 2019, Uzbekistan wants to lift the ban. An enormous administrative body in Uzbekistan appears to be reconsidering its position on cryptocurrencies.
The President of the NAFT, also known as the National Agency for Project Management for the Republic of Uzbekistan's, released an officer document recommending several crypto trading licensing procedures changes.
The NAFT suggested that local citizens be legally permitted to perform "all types of crypto exchange trades involving crypto assets and tokens in exchange for the national currency and the foreign currency." The regulator emphasized that investors would trade and invest in cryptocurrency at their own risk.
The proposal also aims to process registering, issuing, and circulating digital assets, allowing Uzbekistan's approved crypto companies to publish their tokens. The draft changes are available for debate until May 14, 2021, in keeping with official records.
The most recent news indicates a comprehensible change within the NAFT's attitude toward cryptocurrencies. In late 2019, the agency prohibited citizens of the state from being able to purchase and sell cryptocurrency like Bitcoin (BTC). Despite the prohibition on cryptocurrency sales, the authority officially allows locals to sell their crypto holdings.
Uzbekistan launched the primarily regulated cryptocurrency exchange, Uznex, in January 2020, but it's only available to non-residents. The platform was created by Kobe Group, a South Korean technology firm that is a technology consultant to the govt of Uzbekistan.
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