Uzbekistan’s government has granted access to Bestchange.ru. This is a popular exchange aggregator. After blocking Binance and a few other coin trading platforms earlier this year, the regulator made this decision.
Uzbekistan residents can use Bestchange.ru again
Uzbekistan’s National Agency of Perspective Projects (NAPP), the authority regulating the crypto space in the Central Asian nation, has removed restrictions imposed on Bestchange.ru, a popular exchange aggregator in Russia and the former Soviet space.
Digital Rights Center (DRC law firm) announced this development. DRC’s legal specialists have represented the crypto platform. DRC is a law firm that specializes in offering legal advice to Internet users and businesses. It was able, in Russia, to unblock Bestchange.ru.
In August, the NAPP (which is under the control of Tashkent’s presidential administration) began to restrict foreign-based cryptocurrency trading sites. Even well-established crypto trading websites such as Binance, FTX and others with global reach were affected by the measures.
The agency claimed that the ban was due to a President Shavkat Mirziyoyev’s 2018 decree, which stipulated that Uzbek residents and Uzbek companies will only be allowed crypto assets for sale and purchase through local suppliers.
The DRC also bans trading on foreign platforms from the beginning of that year. The DRC pointed out that this has led to a paradox — Uzbekistanis have no choice but to use the services of the only currently licensed exchange in the country, the government-controlled Uznex.
After the law firm filed a number of appeals, the NAPP’s management eventually heard its arguments and agreed that the main activity of Bestchange.ru, which is essentially a monitoring website, constitutes an exception and its operations should not be restricted.
“We are very pleased that the NAPP, which now oversees this field, is as open to dialogue and is doing everything so that Uzbekistan, like Kazakhstan, becomes a fintech driver in the Central Asian region,” stated Sarkis Darbinyan, managing partner at DRC. He emphasized that “both countries are now taking leaps and bounds in terms of legalizing crypto and integrating it into the digital economy.”
This year, President Mirziyoyev signed another decree seeking to expand the regulatory framework for Uzbekistan’s crypto market which provided legal definitions for crypto assets, exchange, and mining. New registration rules were also established for miners, and crypto-company owners will be charged monthly.
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