Uzbekistan just opened the world’s first government-backed crypto exchange with South Korea’s help

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Uzbekistan’s new cryptocurrency exchange is expected to be exempt from taxation on corporate and investor profits, including investment from non-residents of Uzbekistan. Cryptocurrency transactions will also not be in violation of existing laws on currency regulation. This should include trading cryptos on the new exchange and liquidating for fiat.

Sources working directly with the development team for the exchange state confidently that [Tong Bloc]( will be the first Korean company to take advantage of Uzbekistan’s new cryptocurrency haven. Tong Bloc CEO, Jingil Lee, serves as CTIO of the Uzbek exchange.

Following this news, Uzbekistan is expected to become a new special coin region in the same fashion as Malta. Blockchain companies will likely begin to flock to the central Asian country to enjoy the benefits of relaxed laws related to cryptocurrency.

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