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The government body overseeing the crypto market in Uzbekistan has restored access to Bestchange.ru, a well-known exchange aggregator in the region. The move comes after the regulator earlier this year blocked a number of coin trading platforms, including Binance.
Uzbekistan’s National Agency of Perspective Projects (NAPP), the authority that regulates the crypto space in the Central Asian nation, has lifted restrictions imposed on Bestchange.ru, a popular exchange aggregator in Russia and the former Soviet space.
The development was announced by the law firm Digital Rights Center (DRC), whose legal experts have represented the crypto platform. DRC specializes in providing legal assistance to Internet users and businesses and was able to secure the unblocking of Bestchange.ru in Russia.
NAPP, which is under the presidential administration in Tashkent, began restricting foreign-based crypto trading websites in August. The measures affected even well-established exchanges with a global reach such as Binance and FTX.
The agency said the blocking was done based on a decree issued by President Shavkat Mirziyoyev back in 2018, which said that from January 1, 2023, citizens and companies incorporated in Uzbekistan will only be allowed to buy and sell crypto assets through local providers. .
At the same time, it also banned trading on foreign platforms even before that date. DRC pointed out that this has led to a paradox – Uzbeks have no choice but to use the services of the only licensed exchange in the country, the government-controlled Uznex.
After the law firm filed a series of appeals, NAPP’s management finally heard their arguments and agreed that the main activity of Bestchange.ru, which is essentially a surveillance website, constitutes an exception and its operations should not be restricted.
“We are very happy that NAPP, which now oversees this field, is equally open to dialogue and is doing everything for Uzbekistan, like Kazakhstan, to become a fintech driver in the Central Asian region,” said Sarkis Darbinyan, CEO partner in the DRC. He emphasized that “both countries are now making strides in legalizing crypto and integrating it into the digital economy.”
This year, President Mirziyoyev signed another decree that seeks to expand the regulatory framework for Uzbekistan’s crypto market that provided legal definitions for crypto assets, exchanges and mining. The government also adopted new registration rules for miners and introduced monthly fees for crypto companies.
Do you think Uzbekistan will unblock other crypto exchange sites? Tell us in the comments section below.
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