Uzbekistan Presidential Agency Intends to Lift Ban on Cryptocurrency Purchases

Uzbekistan wants to lift its ban on buying cryptocurrency after prohibiting residents from purchasing crypto assets in the year 2019. The National Agency for Project Management (NAPM) in Uzbekistan seems to be reconsidering its stance on cryptocurrencies.

Uzbekistan Presidential Agency Lift Ban on Cryptocurrency Purchases

The National Agency for Project Management (NAPM) under the President of the Republic of Uzbekistan issued an official document proposing several alterations to licensing procedures for crypto trading.

In the proposal by NAPM, it was mentioned that they are officially allowing local residents to conduct:

“All types of crypto exchange trades involving crypto assets and tokens in exchange for the national currency and the foreign currency.”

In addition to this, the authority focussed on the point of telling the crypto investors that they would trade and invest at their own risk.

Moreover, the proposal is targeted to establish processes for the registration, issuance, and circulation of the digital assets, authenticating licensed crypto firms in Uzbekistan to launch their own tokens.

As per the official records, the proposed amendments are open to discussion until May 14, 2021.

Apparent Change in Intentions Toward Cryptocurrencies

The latest crypto ban lift news by the Presidential Agency of Uzbekistan shows an apparent alteration in mind toward cryptocurrency purchases and prospects for an increase in crypto adoption.

Previously in late 2019, the agency reportedly prohibited the residents of the country from purchasing cryptocurrencies like Bitcoin. 

Despite banning crypto purchases, the authority still allows the local residents to sell their crypto holdings.

In January 2020, Uzbekistan made its debut in the crypto industry with its first regulated crypto exchange, Uznex, which was only open to non-residents.

The platform was launched by a technology firm from South Korea, Kobea Group, which in addition to launching the platform, acted as a tech adviser to the government of Uzbekistan.