Uzbekistan allows foreign enterprises to open bank accounts and deposit funds related to cryptocurrency transactions
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.
Interpretation of this information:
The news on February 17 reported that newly implemented regulations allow for funds transferred from foreign accounts of companies invested in encryption transactions or received from the sale of encryption assets to be deposited into a foreign currency account in Uzbekistan. From there, these funds can either be used to purchase digital currency on an exchange or transferred to an account belonging to a foreign-registered entity in the jurisdiction of the original funds. However, the use of these funds for any other purposes is prohibited by Uzbekistan. These regulations became effective on February 9, 2023. Prior to this, non-resident foreign companies were not allowed to open bank accounts in Uzbekistan, except under a few circumstances outlined by law.
Interpretation:
Uzbekistan has taken a rather accommodating approach to foreign investors looking to engage in encryption transactions. With these new regulations in place, foreign currencies can be easily transferred into the country and ultimately used to invest further in digital currency. However, the limitations on the use of these funds are worth noting. It remains to be seen how stringently Uzbekistan will supervise the utilization of the transferred funds.
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