Uzbekistan blocks access to foreign crypto exchanges on unregistered trade

National regulator urges industry players to comply with local laws.

The government of Uzbekistan, which has already taken significant steps towards a moderate approach to crypto, announced on Wednesday that it has restricted access to a number of major international crypto exchanges due to accusations of unauthorized activities.

In a statement on August 10, the National Agency for Prospective Projects (NAPP) projects informed that "various electronic platforms" provide crypto-asset trading and exchange services without obtaining the license required in violation of the legislation in force and their access was therefore restricted.

However, the tone of the statement suggested that after obtaining a license and fulfilling the requirement to deploy servers in the territory of the Republic of Uzbekistan, as prescribed by law, it does not should be more obstacles to foreign stock exchanges providing their services. For now:

"They have no legal responsibility for transactions with crypto-assets and cannot guarantee the legitimacy of transactions, as well as the proper storage and protection of the privacy of personal data of citizens of the Republic of Uzbekistan ."

Existing legislation referred to is the Presidential Decree of July 3, 2018, "On measures to develop the digital economy and the sphere of crypto-asset turnover in the Republic of Uzbekistan. "

Related: What Kazakhstan's New Tax Regime Means for the Crypto-Mining Industry

The NAPP itself gained the status of the country's main crypto regulator quite recently - in late April 2022, President Shavkat Mirziyoyev issued an executive order on industry regulation, committing the newly formed agency in the mission to adopt a "special agreement". crypto regulatory regime" in Uzbekistan.

In June, NAPP said it would only allow companies