Uzbekistan Turns Back on Crypto

The National Project Management Agency, Uzbekistan’s market regulator, has placed a ban on crypto trading, according to altcoinbuzz website.

However, the market watchdog allows crypto holders who have a corresponding license to trade their assets on two platforms.

Traders need to complete quite stringent identification procedures. This is mainly aimed at obstructing money laundering.

The news shocked crypto fans in the country, especially as the government was somewhat receptive to cryptocurrencies. The government legalized cryptocurrencies in September 2018 through signing a memo to regulate crypto exchanges and initial coin offerings (ICO).

Shavkat Mirziyoyev, president of Uzbekistan, has laid the cornerstone for a state-run blockchain fund dubbed as the “Digital Trust” in the same month.

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Rabea Maguid 551 Articles
Rabea Maguid is a journalist completely obsessed with crypto industry. He holds B.A. from Al-Azhar University, and has a background in journalism and economics. Rabea Maguid likes to think about the future in a positive way, and sees blockchain as a potential driver of deep societal change.