President Agency from Uzbek Wants to Legalize Domestic Trading of Cryptocurrencies

President Agency from Uzbek Wants to Legalize Domestic Trading of Cryptocurrencies

Crypto News News
April 29, 2021 by Elias Powell
28
There used to be a time when the cryptocurrency exchanges had to make an enormous amount of effort to gain public interest. That was the time when the cryptocurrency industry was struggling and had not emerged as a star. Things were running the same way as they were in the past for cryptocurrencies until the
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There used to be a time when the cryptocurrency exchanges had to make an enormous amount of effort to gain public interest. That was the time when the cryptocurrency industry was struggling and had not emerged as a star.

Things were running the same way as they were in the past for cryptocurrencies until the pandemic took place. That was the time when the entire world truly came to know the true potential of the cryptocurrency sector.

During the pandemic, millions of people became cryptocurrency investors and they have not left the industry’s side since then. For these people, the industry has become the main source of income, where they can invest money and make huge profits.

Since the pandemic hit the world, the world has never been the same as a new sector has emerged accommodating millions of people. An industry that once found it difficult to be adopted by individual investors is constantly achieving new milestones in institutional development.

Even the countries are now interested to adopt cryptocurrencies on a large scale. Cryptocurrencies are proving to be one of the main sources for generating income for the locals as well institutions in several countries.

Therefore, countries that were once hesitant of adopting cryptocurrencies are gaining trust in cryptocurrencies. They have now started investing in cryptocurrencies and are making the move to legalize cryptocurrencies in their countries.

One such country is Uzbekistan, which is constantly making progress and developments in the cryptocurrency sector. The country has been observing a large influx of cryptocurrency investments and trades. Therefore, it has decided to take the cryptocurrency sector in the country to the next level.

This is where Uzbekistan’s major governmental agency is determined to bring further reforms to the cryptocurrency sector in the country.

Just recently, the National Project Management Agency working directly under the Republic of Uzbekistan’s President has taken the step of introducing amendments to crypto laws in the country.

According to reports, the National Agency (NAFT) is aiming to introduce amendments in the cryptocurrency sector by introducing new licensing procedures. These procedures will directly affect the trading mechanisms and processes for cryptocurrencies in the country.

The agency has provided all the amendments for the licensing and trading of cryptocurrencies in the form of a documented proposal. If the proposal is accepted, the Uzbek locals will have complete freedom of performing cryptocurrency trades in the country.

If accepted, the users will have access to all types of tokens and cryptocurrencies supported by the cryptocurrency exchanges in the country. The users will also have access to processing transactions whether they are in the form of Uzbek currency or international.

However, the amendment also clarifies that all these activities will be performed by the investors/locals at their own responsibilities.

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