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Uzbeks are allowed to buy cryptocurrencies on exchange markets

Residents of Uzbekistan were officially allowed to trade digital currencies. The corresponding changes were made to the Regulation “On the procedure for licensing the activities of crypto-exchanges” by order of the director of the National Agency for Project Management (NAPM).

According to the updated rules, residents of Uzbekistan will be able to buy, sell and exchange crypto assets on licensed exchanges for their national currency. At the same time, non-residents can trade for foreign currency.

Also, the amendments provide definitions of the token and a number of operations with it, including the issue, placement, and registration of the issue. Henceforth, tokens can be issued by business entities that have passed the appropriate registration to attract investment and funding.

At the same time, all tokens traded on Uzbek crypto exchanges must have property security. It is prohibited to place and issue unsecured tokens on the platforms.

The easing of norms in the department was explained by the changed approach of citizens to investing in cryptocurrencies. The NAPU believes that “he has become more rational and balanced.”

Crypto exchanges were obliged to check the organizations that place their tokens for the availability of property security. Also, at least 10% of the amount planned to be attracted must be deposited on a special account of the crypto exchange.