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 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
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.
The development was announced by the Digital Rights Center (DRC) law firm whose legal experts have been representing the crypto platform. The DRC is specializing in providing legal assistance to internet users and businesses and was able to secure the unblocking of Bestchange.ru in Russia.
The NAPP, which is subordinated to the presidential administration in Tashkent, began restricting foreign-based crypto trading websites in August. The measures affected even well-established exchanges with 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 stated that starting from Jan. 1, 2023, residents and companies incorporated in Uzbekistan will 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 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. 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 websites? Tell us in the comments section below.
Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.
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