Uzbekistan’s Regulator Removes Ban On Russian Crypto Aggregator
Reports reveal that Uzbekistan’s crypto regulator has unblocked a Russian cryptocurrency exchange aggregator, Bestchange.ru. This news comes after the agency blocked several crypto trading firms, including Binance.
Previously, the National Agency of Perspective Projects (NAPP) in Uzbekistan banned several crypto platforms. The NAPP is the agency that regulates the crypto industry in Uzbekistan.
Bestchange.ru, a Russian-based crypto aggregator, was among the platforms banned. However, current reports reveal the regulator has lifted the ban on this exchange aggregator.
The Digital Rights Center (DRC) law firm announced the recent development. The law firm is the one representing the interest of the crypto platform.
The DRC specializes in offering legal assistance to businesses and internet users, and its legal team took up the Bestchange.ru matter following its ban. In addition, NAPP started placing restrictions on foreign crypto trading platforms in August.
Major crypto firms were affected by the restriction, notably FTX and Binance.
According to NAPP, it blocked the platforms based on a directive by Shavkat Mirziyoyev, the president of Uzbekistan. In 2018, the president gave a decree on buying and selling digital assets.
The decree stated that only local providers should be allowed to offer digital asset services to Uzbekistan residents and firms. However, the order becomes effective from January 1st, 2023.
Crypto Regulation In Uzbekistan
The ban restricts residents from accessing the services of foreign crypto firms before January 1st, 2023. As a result, Uzbekistan residents had only one option. They had to use the country’s controlled crypto exchange, Uznex.
However, the law firm representing Bestchange.ru filed several appeals to remove the restriction. Eventually, the NAPP management listened to its arguments and dismissed the limitation.
The DRC argued that Bestchange.ru was a crypto exchange aggregator. Hence, it was not a crypto trading platform.
Sarkis Darbinyan, DRC’s managing partner, said:
“We are happy that NAPP is now open to dialogue. In addition, the regulator is pushing to ensure that Uzbekistan becomes a fintech hub in Central Asia.”
According to Darbinyan, Kazakhstan and Uzbekistan are taking steps to regulate the crypto sector. Also, they have integrated digital currencies into their economies.
This year, Mirziyoyev, Uzbekistan’s president, greenlighted another decree. The decree seeks to expand the country’s crypto regulatory framework.
Also, it established legal definitions for the term crypto exchange, mining, and crypto assets. Additionally, the country’s government provided new registration guidelines for crypto firms, including miners, such as monthly fees for cryptocurrency firms.
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