A major government agency in Uzbekistan appears to be reassessing its stance on cryptocurrencies.

The National Project Management Agency of the President of the Republic of Uzbekistan, or NAFT, has released an official document proposing several changes to licensing procedures for trading cryptocurrencies.

NAFT has proposed officially allowing locals to conduct “all types of cryptocurrency exchange transactions using crypto assets and tokens against national and foreign currencies”. Authorities have assured that cryptocurrency investors will trade and invest on their own risk.

The proposal also aims to establish processes for registering, issuing and trading digital assets, so that cryptocurrency companies licensed in Uzbekistan can issue their tokens. According to official figures, the proposed changes are open for discussion until May 14, 2021.

The latest news shows a clear change in attitudes towards NAFT cryptocurrencies. At the end of 2019, the agency banned residents of the country from purchasing cryptocurrencies such as Bitcoin (BTC). Despite the ban on buying cryptocurrencies, authorities still allow locals to sell their cryptocurrencies.

In January 2020, Oznax’s first regulated cryptocurrency exchange appeared in Uzbekistan, and it is only open to non-residents. The platform was launched by the Kobea Group, a South Korean technology company that acts as a technical advisor to the Uzbek government.

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