The Central Bank of the Republic of Uzbekistan has adopted amendments to its regulations for foreign exchange transactions that concern non-resident legal entities, including those working with cryptocurrencies. In particular, they are now allowed to have accounts at local banks but the options to operate with funds coming from cryptocurrency trading are narrow.

According to the new rules, money transferred from foreign accounts of companies participating in crypto exchanges or amounts received from the sale of crypto assets can be deposited into foreign currency accounts in Uzbekistan, the legal information portal Norma.uz announced, quoted by the crypto news outlet Forklog.

These funds can then be either transferred to an exchange in order to again buy digital coins or to the accounts of the foreign-registered entities in the jurisdictions from which the money originally came. However, their use for other purposes in Uzbekistan is prohibited, the report revealed.

The changes have entered into force on Feb. 9, 2023. Before that date, foreign non-resident companies could not open accounts in Uzbekistan’s banks with few exceptions envisaged by the law.