Uzbekistan Allows Foreign Companies to Deposit Crypto Funds in Local Banks
According to the news on February 17, according to the new regulations, the money transferred from the foreign account of the company participating in the encr…
According to the news on February 17, according to the new regulations, the money transferred from the foreign account of the company participating in the encryption transaction or the money obtained from the sale of the encryption assets can be deposited into the foreign currency account of Uzbekistan. Then, these funds can be transferred to the exchange to purchase digital currency again; It can also be transferred to the account of a foreign-registered entity in the jurisdiction where the funds originally originated. However, Uzbekistan prohibits the use of these funds for other purposes. These changes took effect on February 9, 2023. Before that, foreign non-resident companies were not allowed to open accounts in banks in Uzbekistan, except for a few exceptions provided by law.
Uzbekistan allows foreign enterprises to open bank accounts and deposit funds related to cryptocurrency transactions
Interpretation of the news:
Uzbekistan has opened its doors to foreign companies participating in the encryption transaction market by allowing them to deposit their funds obtained from the sale of encryption assets or transferred from their foreign accounts, into the foreign currency account of Uzbekistan. This is in contrast to previous regulations where foreign non-resident companies were strongly prohibited from opening accounts in Uzbekistan-based banks unless provided by law. Effective February 9, 2023, the new regulations permit these funds to be transferred to other accounts, including foreign-registered accounts.
The permission granted by Uzbekistan to foreign companies involved in the crypto transaction market is a remarkable move towards the recognition of digital currency, which is a relatively new market in the country. The permission to deposit funds in Uzbekistan-based banks provides support to foreign non-resident companies and encourages them to participate in the crypto market in Uzbekistan. This regulation could bring in significant foreign investments and thereby improving the country’s economy through the growth of the crypto market.
In addition, the provision of the regulations that prohibits the use of the funds for other purposes indicates that Uzbekistan is concerned about the risk of money laundering and other illicit activities that may be associated with the cryptocurrency market. By putting a check against illegal use of the funds, the Uzbekistan government is showing its seriousness about the adoption of digital currency and its commitment to global regulatory standards in crypto transactions.
In conclusion, the new crypto regulation announced by Uzbekistan is a bold step towards mainstream digital currency adoption. This could create a ripple effect in encouraging other central Asian countries to follow suit in supporting crypto transactions to spur economic growth. The move could be a turning point in the country’s economy, as it welcomes the participation of foreign investors in the crypto market, and promotes financial stability by ensuring that these funds are being used legally.
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