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Uzbek presidential agency proposes legalizing domestic crypto trading

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A significant governmental agency in Uzbekistan appears to be rethinking its stance on cryptocurrencies.

The Nationwide Agency for Undertaking Administration below the President of the Republic of Uzbekistan, or NAFT, issued an official doc proposing a number of amendments to licensing procedures for crypto trading.

NAFT proposed to formally enable native residents to conduct “all types of crypto exchange trades involving crypto assets and tokens in exchange for the national currency and the foreign currency.” The authority pressured that crypto buyers would commerce and make investments at their very own threat.

The proposal additionally goals to ascertain processes for the registration, issuance and circulation of digital property, authorizing licensed crypto firms in Uzbekistan to concern their very own tokens. In line with official information, the proposed amendments are open to dialogue till Might 14, 2021.

The most recent information reveals an obvious change of coronary heart towards cryptocurrencies on the NAFT. In late 2019, the agency banned the nation’s residents from buying cryptocurrencies like Bitcoin (BTC) . Regardless of barring crypto purchases, the authority reportedly nonetheless permits locals to promote their crypto holdings.

In January 2020, Uzbekistan debuted its first regulated cryptocurrency trade, Uznex, which is just open to non-residents. The platform was launched by Kobea Group, a know-how firm from South Korea performing as a tech adviser to the federal government of Uzbekistan.

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