Uzbekistan Legitimizes Cryptocurrency

A new presidential decree legalizes cryptocurrency trading in Uzbekistan, introducing licensing for crypto exchanges and a set of requirements they will be obliged to meet. To operate in the country, foreign trading platforms will have to establish local subsidiaries and abide by the country’s relevant laws.

Uzbekistan Legitimizes Cryptocurrency

In a significant development, the President of Uzbekistan, Shavkat Mirziyoyev, has now signed a decree that permits the existence of cryptocurrency exchanges and other activity surrounding the industry.

According to a news portal, the decree gives an account of the policy details pertaining to cryptocurrencies. It has also laid out a host of requirements that exchanges must have to follow in order to operate in the country.

As per decree crypto activity won’t be regulated by current legislation surrounding securities and that it will instead be regulated by specific acts put into place for digital assets. The exchange license will be granted to foreign entities only if they meet certain criteria, mentioned in the decree.

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