A government agency in Uzbekistan has published a list of unauthorized crypto exchanges that residents of the country have been advised against. The trading platforms collect personally identifiable information and are not responsible for the cryptocurrency transactions, officials warned.
Authorities in Uzbekistan blacklisted “unofficial” crypto exchanges
The National Agency for Project Management under the President of Uzbekistan has identified a number of online platforms that offer crypto trading services without authorization. During a monitoring campaign on the Internet, the panel registered an increase in the activity of such “unofficial” exchanges for digital assets.
The companies behind it offer Uzbek citizens the opportunity to buy, sell or trade crypto assets without having an office in the country. They are usually registered in other jurisdictions and their servers are overseas, but at the same time they collect personal data from residents of the Central Asian Republic, the agency said in a notice posted on its website.
Half a dozen crypto exchange websites targeting Uzbek residents have been blacklisted: webmoneytashkent.com, wmztashkent.com, wm-torg.com, uzwmz.com, blockchainuz.com, and bitcointashkent.com. Similar services are also offered through Telegram bots and groups. According to the regulatory authority, their providers often remain completely anonymous and can quickly delete a channel.
Officials have stressed that these types of platforms have no legal responsibility for crypto transactions between different parties and cannot guarantee their legitimacy. In addition, they cannot guarantee the proper storage of personal data or the preservation of confidentiality. The announcement states:
The Agency urges citizens to be as vigilant as possible, to be careful and not to use the services of such platforms, even so as not to fall victim to fraud.
Uzbekistan legalized crypto trading in 2018, but then in December 2019, Tashkent authorities effectively banned residents from buying cryptocurrencies even though they were allowed to sell. The National Agency for Project Management has now reminded the public that according to the Presidential Decree “On Measures for the Development of the Digital Economy in the Republic of Uzbekistan” and the State Law “On Licensing and Notification Procedures”, the establishment of cryptocurrency exchanges is subject to a license.
The government has tried to encourage certain crypto activities. In January 2020, Tashkent presented a plan to set up a national mining pool and presented the initiative as a priority. The state also said it will set up a licensed cryptocurrency exchange where miners can sell their coins and promised to create a blockchain valley as well as introduce crypto tax exemptions. Uznex, a regulated trading platform operated by the South Korean Kobea Group, was launched at the end of the month.
However, in September of this year, a senior central bank official was quoted as saying that cryptocurrencies like Bitcoin will never be recognized as legal tender. In a conversation with local media, the deputy chairman of the Central Bank of the Republic of Uzbekistan (CBU) Behzod Hamraev pointed out that, unlike cryptocurrencies, the national fiat, the sum, is covered by the bank’s assets. He also expressed his opinion that Bitcoin will never be the same as “world currencies” such as dollars, euros, yen and rubles.
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source https://www.bisayanews.com/2021/10/02/uzbekistan-warns-citizens-to-avoid-unlicensed-cryptocurrency-exchanges-exchanges-bitcoin-news/
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