Authorities in Uzbekistan are restricting access to online crypto trading platforms based outside the country and not registered under its laws. A presidential decree obliges citizens and local companies to only use digital asset exchanges licensed by the government of the Central Asian nation.
Uzbekistan Takes Steps to Prevent Crypto Trading and Custody on Foreign Platforms
Uzbekistan’s National Agency of Perspective Projects (NAPP) has registered a spike in activities of online platforms providing crypto-related services to Uzbekistanis without the necessary license. The regulatory body says these facilitate trading of cryptocurrencies and request personal information without complying with a requirement to have their servers installed in the country.
In a recent statement, the agency pointed out that such platforms “do not bear any legal responsibility for carrying out operations with crypto assets, cannot guarantee the legitimacy of transactions, as well as the proper storage and confidentiality of the personal data of citizens of the Republic of Uzbekistan.” In light of these findings, the regulator has restricted access to their domains.
The announcement highlights that the government of Uzbekistan has made consistent efforts to improve the regulatory and institutional framework in the crypto space. A decree signed by President Shavkat Mirziyoyev in 2018 defined the types of business activities pertaining to digital assets like the mining of cryptocurrencies and the provision of services related to their circulation.
Providers whose activities are subject to licensing include mining pools, cryptocurrency exchanges and depositories, as well as other crypto companies that offer individuals or legal entities services for the purchase, sale, exchange, storage, issuance, placement, and management of crypto assets.
Regulations adopted this past April allow Uzbekistanis and businesses based in their country to acquire, sell, and exchange cryptocurrencies exclusively on domestic platforms, starting from Jan. 1, 2023. NAPP now emphasizes this doesn’t mean local firms and citizens are granted the right to conduct such transactions on foreign platforms before that date.
So far, Uzbekistan has licensed only one cryptocurrency exchange. Operated by the South Korean entity Kobea Group, Uznex launched in January, 2020. Last fall, the National Agency of Perspective Projects issued a warning for Uzbekistani crypto traders to avoid unlicensed exchanges, which leaves them with a single legal option.
The agency has also reminded all residents of the country that they can perform crypto transactions on registered exchanges with the national currency, the som, and sell crypto assets to non-residents for foreign fiat currency. The NAPP urges Uzbekistan’s citizens not to use the services of online platforms that have not obtained a license to operate in the republic and to report them to law enforcement.
Do you expect Uzbekistan to license more cryptocurrency exchanges in the future? Tell us in the comments section below.
Source: Regulation Archives – Bitcoin News
Top 5 Gaming Tokens to Invest In
What are the significant cryptocurrencies on which well-known games are based? What are the top 5 gaming tokens?
Cryptocurrencies are now more than objects of speculation and financial assets. Virtual games in which you can win tokens are now based on the blockchain. But what are the significant cryptocurrencies on which well-known games are based? What are the top 5 gaming tokens? Let’s take a look at it in more detail.
Top 5 Gaming Tokens – BakeryToken (BAKE)— BSC News (@BSCNews)
The BakeryToken is BakerySwap’s token. BakerySwap is a Uniswap clone on which it is possible to do NFT trading. The BakeryToken is earned by supplying liquidity to asset pairs. The separate pools are named after foods such as donuts, waffles, rolls, and croissants. BakerySwap only operates on the Binance Smart Chain (BSC) and includes extensive gamification.
Top 5 Gaming Tokens – The Sandbox (SAND)— The Sandbox (@TheSandboxGame)
The Sandbox is a 2012 video game for Android and iOS. In the game, different 3D worlds can be played side by side in a metaverse. Players can create, play and trade their own virtual creations over the blockchain. The SAND token is the root of transactions and interactions in the sandbox game. It is one of the top 5 gaming tokens.
Top 5 Gaming Tokens – Enjin Coin
The Enjin Network is a social gaming platform based on the blockchain. Users can create websites, chat and operate virtual item shops on it. It allows game developers to tokenize goods on the Ethereum blockchain. The Enjin Coin was first launched on the Ethereum Blockchain in June 2018.
Additionally, Enjin works with NFTs. They are the preliminary architects of the ERC-1155 token benchmark, which is specifically created for NFTs. Enjin focuses on in-game objects and collectibles. Currently, they seek to handle the issue of Gas Fees on the Ethereum network and are looking to find a solution for scaling and interoperability (aka the power of various computer systems to trade information).
Top 5 Gaming Tokens – Decentraland
Decentraland is a decentralized virtual reality platform based on the Ethereum blockchain. It was first opened to the public in February 2020. Users can buy, create and monetize virtual reality applications on it. Furthermore, they can create scenes, games, artworks, and challenges with a builder tool. Decentraland’s MANA token is ranked #2 in the top 5 gaming tokens. Two different types of tokens watch progress in Decentraland. These are:
- LAND – A non-fungible token (NFT) employed to define the investment of land packages defining digital real estate.
- MANA – A cryptocurrency that allows custody of , as well as virtual assets and helps applied in Decentraland.
Top 5 Gaming Tokens –Axie Infinity (AXS)
Axie Infinity is a blockchain-based fighting and trading game that is partially managed by its own players. In the game, users can breed creatures called Axies. You can trade these creatures with each other and let them fight each other. The game is inspired by classics like Pokemon and Tamagotchi, among others. Axie Infinity’s AXS token is #1 in the top 5 gaming tokens.
Axie Infinity’s mission was to serve as a fun and educational way to introduce the world to blockchain technology. Many of the developers and the team members assembled from playing Cryptokitties, which then evolved to them working on the Axie game and introducing the magic of blockchain technology to players.