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HomeLaw & PoliticsUzbekistan bans various crypto exchanges over unlicensed trading

Uzbekistan bans various crypto exchanges over unlicensed trading

Due to allegations of unlicensed trading activity, the Uzbekistan government on August 10 announced the restriction on various international cryptocurrency exchanges.

“Various digital platforms” offer services like exchanging and trading of crypto-assets without getting the desired license from the respected authorities due to which the access to such platforms was restricted, as per the statement provided by NAAP (National Agency of Perspective Projects) on August 10.

However, a lot of statements proposed that after getting a license from the authorities and satisfying the requirement to deploy the servers in the Uzbekistan region, as endorsed by the law, there should not be any obstacles to foreign exchanges in providing their offerings.

NAPP recently acquired the position of the crypto regulator in the country. Shavkat Mirziyoyev, President of Uzbekistan gave an order on regulating the crypto industry, committing the recently formed organization to the mission of adopting a “special crypto regulation regime” in Uzbekistan.

According to the statement given by NAPP in June, it will only permit those firms which use solar energy as a form of energy to mine Bitcoin (BTC) and other cryptocurrencies in the country.

Moreover, the executive order also obliged any mining administrator to get a certificate and register in the national registry of crypto mining organizations.

Cryptocurrency investors in Uzbekistan mainly use global exchanges like Huobi, FTX and Binance.

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