Uzbekistan restricts non-residents from using funds from the sale of cryptocurrency
The Central Bank of Uzbekistan has banned non-resident legal entities from using funds received from the sale of crypto assets in the domestic market, with the exception of operations on crypto exchanges. This is stated in the decision of the Central Bank, published on Monday.
"Funds transferred from foreign accounts of non-resident legal entities that are members of the crypto exchange can be transferred to the crypto exchange for the purchase of crypto assets, as well as to foreign accounts of these non-resident legal entities. The use of these funds for other purposes is prohibited," the document says, published on www.norma.uz
In Uzbekistan, the sale of cryptocurrencies can only be carried out through specialized crypto exchanges. At the same time, electronic systems for exchange trading in cryptocurrencies should be placed on servers within Uzbekistan. In December 2019, the South Korean Kobea Group received the first and so far the only license to create and operate a crypto exchange in the republic. In November 2022, the first two crypto stores received licenses to operate in the republic.
From January 1, 2023, citizens and legal entities in Uzbekistan can carry out transactions for the purchase, sale and exchange of crypto assets exclusively through national service providers.
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