Uzbekistan bans buying of Bitcoin and cryptocurrencies

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Uzbekistan bans buying of Bitcoin and
cryptocurrencies
Uzbekistan bans the buying of Bitcoin and other
cryptocurrencies for the residents. The National
Agency of Project Management of the soviet
republic has made regulatory amendments regarding
cryptocurrencies. And now it is illegal to
purchase digital currencies across the Uzbekistan
border. However, the citizens can sell off their
holdings by proving those transactions were
through reliable and legal platforms. If not, the
transactions will be marked illegal. This news
and the country has become a point of discussion
in the crypto universe. This amendment will also
not allow cryptocurrency as a payment mode. The
registered exchanges will only entertain
investors with verified identities and their
names not in the list of suspects of money
laundering and terror financing.
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Uzbekistan Pro Cryptocurrency
The Uzbekistan authorities made crypto trading
legalized last year and also introduced exchange
licensing. The country provided several tax
benefits too. An official order signed by
President Shavkat Mirziyoyev prepared legal
grounds for digital asset-related activities.
Uzbekistan seemed to be a positive destination
for the Crypto business. In fact, to expand
the digital asset business of the country, the
government signed a pact with the Korean
Blockchain Business Association. The aim was to
provide the required support to successfully
execute the Uzbekistan Revolution 4.0 project.
The project focused on strengthening the
blockchain network by establishing trading
exchanges, blockchain academies and legalizing
ICOs. But currently, the situation doesnt seem
suitable as exchanges wont be subject to
existing foreign currency regulations.  And
income from crypto will not be taxed as well.
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FATF inspired amendments
Currently, the crypto exchanges within the
country require keeping all the trading records
of their platforms for the past 5 years. Any
violation of any law should be recorded as well.
Reportedly, these new demands are inspired by the
global standards on crypto-assets by Financial
Action Task Force (FATF). However, the
authorities still havent been hopeless for the
crypto business in the country. The project
management authority hopes that in spite of the
tightening of the newly adopted rules, it will
attract foreign investments. The executive power
in Tashkent also believes that the crypto
companies will generate revenue for the countrys
commercial banks and will provide services.
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