Uzbekistan Tightens Norms for Crypto Dealing; Bans Purchases

The residents of Uzbekistan will not be able to indulge in the purchasing of digital currencies from the licensed cryptocurrencies exchanges operating in the country in accordance with the latest regulatory amendments being introduced by the National Agency for Project Management on December 6, 2019. By pulling back the operability capacities of private individuals concerning the purchase of virtual currencies, the country has become a major point of discussion in the crypto world.

According to the latest reports concerning the issue, the agency has allowed the investors to sell off their digital holdings which they have traded from reliable and legal trading activities on registered crypto exchange platforms, Sputnik and Forklog.

The new amendments have put an end to the use of cryptocurrencies as a payment mode in the country. The registered exchanges will entertain the requests of only those investors who will be 18 years of age or more, having verified identities, and their names should not be in the list of individuals who are suspected of illicit activities like money laundering and terror financing.

The stringent actions taken by the Uzbekistan government have come as a surprise to many crypto enthusiasts as the country was showing signs of becoming a heaven for blockchain-based businesses and projects. In 2018, the country gave its legal acceptance for digital currency trading and allowed exchange licensing through a presidential decree. The country paved the way for the easy flow of digital currencies in the country. With a view to expanding the crypto operations in the country, the government signed a pact with the Korean Blockchain Business Association which was to provide the necessary aid for the successful execution of the Uzbekistan Revolution 4.0 project. The highly anticipated project was focused on strengthening the blockchain network in the country by the establishment of a trading exchange, blockchain academy, and legalization of ICOs.

Despite the introduction of the new policies, the Uzbekistan government is hopeful that promising foreign investments, projects, and entities will surely move to the country in the future.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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