Uzbekistan is reconsidering its position on cryptocurrency trading.
The National Agency for Project Management under the President of Uzbekistan (NAPM) has issued an order amending and supplementing the regulations on how to license cryptocurrency exchange offices. The statement said:
“Residents of the Republic of Uzbekistan have the right to carry out on crypto-exchanges all types of crypto-exchange trades in crypto-assets and tokens for national and foreign currencies. The choice of crypto-assets as an object of acquisition and, accordingly, the consequences of this choice are the risk of the buyer himself."
These changes follow two decrees of President Shavkat Mirziyoyev, one of which was announced in July 2018 with a focus on introducing the necessary measures to develop the digital economy in the country. The second case was implemented in September 2018 focusing on measures to organize cryptocurrency exchange activities in the Republic of Uzbekistan.
To create "favorable conditions" for further development of the cryptocurrency industry, we made changes in the licensing method for the activities of digital currency exchanges.
In December 2019, Uzbekistan banned cryptocurrency trading for its citizens. Then, a year later, the first official exchange office for cryptocurrency transactions in the country called Uznex was launched in 2020.
Source:
https://bitcoinexchangeguide.com/uzbekistan-is-legalizing-cryptocurrency-trading/It's nice to see a country reverse course on banning cryptocurrency. Far from being a symbol of strength, it has tended to be countries with poor economic performance and constant political interference in central bank monetary policies, that end up banning it. Take Russia and Turkey as examples, they try very hard to attack Bitcoin because people are using it as a means to avoid government mismanagement within their own currency. Short term it also allows corrupt politicians to shakedown local exchanges and miners for a payday, while giving them an temporary target to demonize - the trademark of authoritarian governance. Uzbekistan is actually showing themselves as progressive and it may allow new industries to open up in their country, so they should be congratulated.