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