Uzbekistan authorities blacklisted unlicensed Cryptocurrency Exchanges


Along with the
government maintenance in Uzbekistan has available a list of illegal crypto
exchanges that residents of the country have been directed to escape. This came
into existence on 03-Oct.2021. This was the trading platforms collect personal
data and bear no answerability for the cryptocurrency transactions, officials
have suggested.
Authorities in
Uzbekistan Blacklist ‘Unofficial’ Crypto Exchanges:
The National Agency of
Project Management underneath the President of Uzbekistan has perceived various
internet-based platforms contributing crypto exchanging services without
approval. For the period of a watching campaign on the internet, the body
recorded a rise in doings of such “unofficial” digital asset exchanges.
The objects behind
them propose Uzbekistani citizens the selection to buy, sell or trade crypto
assets without having a workplace in the country. They are regularly registered
in other jurisdictions and their servers are situated abroad too. Meanwhile, at
the same time, they gather personal information from residents of the Central
Asian republic, the agency mentioned in a warning published on its website.
Uzbekistan Warns
Citizens to Escape Unrestricted Cryptocurrency Exchanges:
50percent of the
crypto exchange websites are guiding residents of Uzbekistan have been
boycotted: webmoneytashkent.com, wmztashkent.com, wm-torg.com, blockchainuz.com,
uzwmz.com, and bitcointashkent.com. Alike services are accessible through
Telegram bots and sets as well. Their providers, the regulator well-known,
frequently remain anonymous and can quickly delete a channel.
Officials have worried
that these types of platforms do not bear any legal responsibility for crypto
transactions between many parties and cannot guarantee their legitimacy.
Moreover, they cannot safeguard the suitable storage of personal data or
protection of confidentiality.
The government has
tried to inspire certain crypto events. In January 2020, Tashkent revealed a
plan to set up a national mining pool and creativity was accessible as a
priority. The state also mentioned it’s going to begin a licensed
cryptocurrency exchange where miners will be able to sell their coins and be
assured to generate a blockchain. The valley was inspired to make known
crypto tax exemptions. Uznex, a structured trading platform worked by the South
Korean unit Kobea Group, was launched later that month.

Shivangi Mujumdar
CBW - External Analyst
INDIA