You Can Sell It, You Can’t Buy It: Rules of Cryptocurrency Trading in Uzbekistan

How to buy or sell cryptocurrencies in
Uzbekistan?
Cryptocurrencies may be exchanged, bought or sold at special cryptoexchanges.
To carry out any of these transactions, you should first enter into a contract with the
cryptoexchange registered in Uzbekistan. Such contracts contain the following clauses:
Provision of information to the authorised body about possible law violations, as well
as provision of information about such transactions upon the request of the
authorised body;
Audio or video recording of negotiations with customers, upon their consent,
including records of correspondence, and storage of such information at least for 5
years;
Prohibition to buy cryptocurrency for the residents of Uzbekistan.
What documents are necessary to carry out a
transaction in cryptocurrency?
Individuals must provide a copy of an identity document and taxpayer’s identification
number in order to enter into a contract.
A sole proprietor must attach copies of identity document and state registration certificate
to the contract.
A legal entity must provide a copy of state registration certificate, details of address,
CEOs, as well as information specified in the constituent documents.

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You Can Sell It, You Can’t Buy It: Rules of Cryptocurrency Trading in
Uzbekistan
In addition, you should specify contact information so that the representatives of the
cryptoexchange could contact the customer.
At which cryptoexchanges can you carry out
legal transactions?
Only NAPU-licensed cryptoexchanges may operate legally in Uzbekistan. Licenses are
granted only to foreign legal entities that have subsidiary companies or other companies in
Uzbekistan. Moreover, legal entities-residents of Uzbekistan may not be shareholders in
the authorised capitals (funds) of such companies.
Today Uzbekistan has only one cryptoexchange that was 
licensed
 at the end of December
2019 — 
UzNEX
. This is the project of the Korean Kobea Group.
All licensing requirements and conditions are specified in the Cryptoexchange licensing
order regulation:
The authorised capital must be at least 30 thousand basic estimated values (nearly
700 thousand dollars), including 20 thousand (nearly 467 thousand dollars) shall be
reserved on a separate account in a commercial bank of Uzbekistan;
Availability of a functioning electronic cryptoexchange system located on servers
inside the country;
Valid cryptoexchange trading rules (procedure for admittance to trading, fee rates,
registration of transactions, etc.);
Storage of information about transactions, identity information of customers,
materials about relationships with them, including business correspondence, for 5
years;
Other requirements specified by the law.