By Jamie G - Crypto Professional - 30-04-2021
After prohibiting people from buying and selling cryptocurrency in 2019, Uzbekistan wants to lift the ban. An enormous administrative body in Uzbekistan appears to be reconsidering its position on cryptocurrencies.
The President of the NAFT, also known as the National Agency for Project Management for the Republic of Uzbekistan's, released an officer document recommending several crypto trading licensing procedures changes.
The NAFT suggested that local citizens be legally permitted to perform "all types of crypto exchange trades involving crypto assets and tokens in exchange for the national currency and the foreign currency." The regulator emphasized that investors would trade and invest in cryptocurrency at their own risk.
The proposal also aims to process registering, issuing, and circulating digital assets, allowing Uzbekistan's approved crypto companies to publish their tokens. The draft changes are available for debate until May 14, 2021, in keeping with official records.
The most recent news indicates a comprehensible change within the NAFT's attitude toward cryptocurrencies. In late 2019, the agency prohibited citizens of the state from being able to purchase and sell cryptocurrency like Bitcoin (BTC). Despite the prohibition on cryptocurrency sales, the authority officially allows locals to sell their crypto holdings.
Uzbekistan launched the primarily regulated cryptocurrency exchange, Uznex, in January 2020, but it's only available to non-residents. The platform was created by Kobe Group, a South Korean technology firm that is a technology consultant to the govt of Uzbekistan.
If you are looking to Buy and Sell cryptocurrency, you can safely invest with BC Bitcoin today. You can do this by easily registering an account with us and contacting a member of staff if you need any support.
Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards