Abstract
Uzbekistan has signaled growing acceptance of block-chain technologies and informal crypto activity, although formal trading is not yet enabled. Crypto currencies grow in global popularity; Uzbekistan has an opportunity to become a regional leader in crypto adoption and innovation. However, regulatory uncertainty and restrictive policies currently deter domestic crypto trading and block-chain investment. This article analyzes the crypto landscape in Uzbekistan, barriers to formal crypto markets, benefits and risks of legalization, and provides targeted policy recommendations focused on governance, licensing, taxation, and consumer protection. With smart legalization efforts, Uzbekistan can foster crypto innovation while managing risks. Prohibitive restrictions and lack of regulatory clarity deter domestic innovation and growth of formal crypto. Enabling licensed exchanges and streamlining crypto entrepreneurship could create high-skill jobs, attract investment. The global race for crypto leadership has overlooked consumer harm from price crashes, frauds, hacks, and ransom ware now surfacing across inadequately regulated markets.
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