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Uzbekistan’s Regulations on Digital Currency

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According to the news on February 17, according to the new regulations, the money transferred from the foreign account of the company participating in the encr…

Uzbekistans Regulations on Digital Currency

According to the news on February 17, according to the new regulations, the money transferred from the foreign account of the company participating in the encryption transaction or the money obtained from the sale of the encryption assets can be deposited into the foreign currency account of Uzbekistan. Then, these funds can be transferred to the exchange to purchase digital currency again; It can also be transferred to the account of a foreign-registered entity in the jurisdiction where the funds originally originated. However, Uzbekistan prohibits the use of these funds for other purposes. These changes took effect on February 9, 2023. Before that, foreign non-resident companies were not allowed to open accounts in banks in Uzbekistan, except for a few exceptions provided by law.

Uzbekistan allows foreign enterprises to open bank accounts and deposit funds related to cryptocurrency transactions

Interpret the above information:


Uzbekistan has recently passed regulations that allow companies participating in the encryption transaction to deposit transferred funds from foreign accounts or money obtained from the sale of encryption assets into the foreign currency account of Uzbekistan. While these funds are allowed to be used to purchase digital currency again, the use of these funds for any other purpose is prohibited.

This move is significant for several reasons. Firstly, it marks a departure from the previous regulations that prohibited non-resident companies from opening accounts in banks in Uzbekistan, with the exception of a few provided by law. With these new regulations, companies can now access the Uzbekistani banking system to purchase digital currencies, which may encourage further investment in digital currencies in the country.

Secondly, this move suggests that Uzbekistan is positioning itself as a hub for digital currency investment in the Central Asian region. With its strategic location in the region and its growing economy, Uzbekistan may be attracting more foreign investors looking to gain a foothold in the digital currency market in the region.

However, it remains to be seen if Uzbekistan’s regulations will be successful in boosting digital currency investment in the country. While a more welcoming regulatory environment is certainly a step in the right direction, there are significant concerns around the legality and risks associated with digital currencies that may still deter many investors from entering the market.

Overall, Uzbekistan’s new regulations represent a significant shift in the country’s approach to digital currencies and may attract more interest from foreign investors. However, it remains to be seen how successful these regulations will be in promoting digital currency investment in the country.

In summary, the new regulations allow foreign companies to access Uzbekistan’s banking system to purchase digital currencies, while prohibiting the use of these funds for any other purpose. This move is significant for the development of the digital currency market in Uzbekistan and suggests that the country is positioning itself as a hub for digital currency investment in the Central Asian region.

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