The government body that oversees the crypto market in Uzbekistan has restored access to Bestchange.ru, a well-known exchange aggregator in the region. The move comes after earlier this year the regulator blocked a number of coin trading platforms, including Binance.
Residents of Uzbekistan can again use the services of Bestchange.ru
The Uzbek National Agency for Prospect Projects (NAPP), the authority that regulates the crypto space in the Central Asian nation, has removed restrictions on Bestchange.ru, a popular exchange aggregator in Russia and the rest of the world. the former Soviet space.
The development was announced by the law firm Digital Rights Center (DRC) whose legal experts represented the crypto platform. The DRC specialized in legal assistance to Internet users and businesses and was able to secure the unblocking of Bestchange.ru in Russia.
The NAPP, which is subordinate to the Presidential Administration in Tashkent, began restricting foreign-based crypto trading websites in August. The measures have affected even well-established exchanges with global reach such as Binance and FTX.
The agency said the blocking was carried out on the basis of a decree issued by President Shavkat Mirziyoyev in 2018, which stated that from January 1, 2023, residents and companies incorporated in Uzbekistan would be allowed to buy and sell crypto assets only through local providers.
At the same time, it also banned trading on foreign platforms even before that date. The DRC pointed out that this has led to a paradox – Uzbekistanis have no choice but to use the services of the only exchange currently authorized in the country, Uznex, controlled by the government.
After the law firm filed a number of appeals, the NAPP management finally heard their arguments and agreed that the core business of Bestchange.ru, which is basically a surveillance website, is an exception and that its operations should not be restricted.
“We are very happy that NAPP, which now oversees this area, is so open to dialogue and doing everything to ensure that Uzbekistan, like Kazakhstan, becomes a fintech engine in the Central Asian region,” said Sarkis Darbinyan, DRC Managing Partner. . He pointed out that “both countries are now taking giant steps in terms of legalizing crypto and integrating it into the digital economy.”
This year, President Mirziyoyev signed another decree aimed at expanding the regulatory framework for the crypto market in Uzbekistan, which provided legal definitions for crypto assets, exchange, and mining. The government also passed new registration rules for minors and introduced monthly fees for crypto companies.
