How to Buy Cryptocurrency in Uzbekistan
Buying cryptocurrency in Uzbekistan
In Uzbekistan, cryptocurrency trading was legalized in 2018, along with the introduction of licensing crypto exchanges. In 2020, Uzbekistan decreed to introduce tax exemptions for income obtained from activities involving crypto assets. The draft also included proposals of establishing a blockchain valley, along with a licensing system for miners. At the same time, Uzbekistan’s first licensed crypto exchange was launched. Uzbekistan’s newly launched digital trading platform, Uznex, only allows Uzbekistan citizens to sell cryptocurrencies, while nationals residing in Uzbekistan and foreign entities have complete access to its services within the limits of Uzbekistan’s legislation, of course. In January 2020, the regulatory body tasked with overseeing the digital economy and the crypto sector, the National Agency for Project Management (NAPM), declared that its key priorities were to create a mining pool for private miners who would benefit from favorable electricity rates. Additionally, all large-scale mining activities would be subjected to licensing.
As of 20/03/2021
These exchanges all accept customers from Uzbekistan. While they broadly offer the same services and you can buy cryptocurrency at all of them, there can be differences in transaction fees, security, verification requirements, deposit methods and features, as shown below
Operating since 2012, Bitfinex has a huge range of coins and trading pairs, a good user interface and low trading fees.
- Very low trading fees
- Large range of coins and trading pairs
- High liquidity
- Slow account verification
- Two major hacks
Founded in 2017, KuCoin has already managed to establish itself as â€śThe Peopleâ€™s Exchange.â€ť With 200+ cryptocurrencies and more than 400 markets, it has become one of the hubs for cryptocurrency trading.
- Vast selection of altcoins
- Ability to stake & earn crypto yields
- Robust security features
- No forced KYC checks
- No fiat currency deposits
- Trading volume is low
Changelly allows you to trade cryptocurrency without registration or verifying the identity through KYC. Being a non-custodial exchange, Changelly doesnâ€™t require you to keep any deposits. The platform also works as a fiat-to-crypto gateway.
- Non-custodial exchange
- Great way to switch altcoins
- Doesnâ€™t require extensive KYC
- 2FA security and high exchange limit
- A high transaction fee of 0.5%
- Unclear owners
- Sometimes their service is quite slow
Kraken has a good reputation for security and protection of your funds and operates across the USA (except NY), Canada, the EU and Japan
- It can be used to trade against fiat options
- Robust security measures
- Free SEPA deposits in Europe
- Not a very beginner-friendly interface.
- No card deposit options