A new decree was passed by the President of Uzbekistan, legalizing crypto trading activities in the country. The new decree will offer license to crypto exchanges so far they meet the set of requirements required of them.
The new decree expect non-indigenous trading platforms to establish a daughter company in the country, as well, act in accordance with the rules and regulations guiding the crypto community into the country.
According to the country’s local media, their President, Shavkat Mirziyoyev, has signed a decree legalizing the activities of cryptocurrency exchanges, documented inside the decree passed is a list of requirements they need to meet in order to be allowed to operate in the Central Asian country. This new decree was passed in response to the former decree issued in July which only prepared the legal grounds for regulating crypto-related activities.
The decree “On measures to organize the activities of crypto-exchanges in Uzbekistan”, № ПП-3926 from September 2, states that an organization which provides an electronic platform for the exchange, purchase and sale of crypto assets is recognized as crypto exchange in Uzbekistan. The legal document defines ‘crypto assets’ as a set of records in a blockchain that has value and owner.
As indicated by the content, the course of these assets and the activities of the crypto trading platforms will be controlled with unique regulating acts and won’t be secured by the enactment that presently applies to securities and the activities of traditional exchanges.
The new decree emphasized solemnly on the fact that licenses to operate without hindrance, will be issued to foreign exchanges that have established subsidiaries or other enterprises in Uzbekistan.