Change is in the Air

It seems the winds of change are blowin’ through the corridors of power in Uzbekistan, as the National Agency for Project Management (NAPM) has decided it might not hate cryptocurrencies after all. Yes, folks, you heard right! They’re dusting off their old policies and welcoming crypto back into their lives like an estranged relative at Thanksgiving.

What’s in the Proposal?

NAPM is not just going back to their crypto-loving ways; they are putting together a real buffet of options, allowing residents to engage in all types of crypto exchange trades. This includes converting crypto assets into national currency or foreign currencies. How generous of them! Just a friendly reminder to investors—don’t spend more than you can afford to lose, because apparently, it’s still a wild west out there.

The Fine Print

The fine print of this proposal also aims to lay down the law for the registration, issuance, and circulation of digital assets. That means licensed crypto firms can officially get in on the action and mint their tokens. Hooray for more tokens than anyone can keep track of!

A Trip Down Memory Lane

Let’s take a stroll down memory lane, shall we? In late 2019, the NAPM was like the grumpiest grandparent, slamming the door on crypto, effectively banning Uzbek residents from buying things like Bitcoin. They still peered through the window, allowing locals to sell what they had already purchased, because what’s a good old-fashioned contradiction without a bit of irony?

The Birth of Uznex

In January 2020, Uzbekistan opened its doors to the world of cryptocurrencies with the launch of Uznex, the first regulated crypto exchange. But here’s the kicker: the platform is only available to non-residents. It’s like putting up a club entrance sign that says “No locals allowed.” Launched by Kobea Group, a South Korean tech firm, Uznex has been navigating these complicated waters.

Open for Discussion

As of now, the amendments proposed by the NAPM are open for a friendly discussion until May 14, 2021. So if you have thoughts—good, bad, or downright hilarious—now’s your chance to share. Will the NAPM put into place a crypto future that works or will it fold back to its old ways? Stay tuned!

Disclaimer: Kobea Group has clarified that they have never acted as a tech adviser to the government. So there’s that!