17-year-old arrested in Bukhara for illegal crypto trading worth $2.6 million

According to official reports, the teenager, from the Zarafshan neighborhood of the Jondor district, had been involved in the illegal acquisition, transfer, and exchange of cryptocurrencies. The activities, which were carried out without the appropriate legal authorization, are considered a violation of Uzbekistan’s laws on cryptocurrency trading.

The police action, which was part of an urgent investigation, led to the identification of the illegal cryptocurrency circulation. The case has been officially classified under Article 278-8, part 3 of the Criminal Code of Uzbekistan, which addresses the unlawful acquisition, transfer, or exchange of large quantities of crypto-assets. The teenager now faces the possibility of imprisonment for a term ranging from 3 to 5 years.

Shuhrat Jalolov, the head of the Information Service of the Bukhara Regional Interior Ministry, confirmed that preliminary investigations are ongoing. Under Uzbekistan’s Criminal Code, individuals found guilty of such offenses can face significant penalties, including imprisonment.

It is important to note that, under the new legal framework effective from January 1, 2023, individuals and legal entities in Uzbekistan are required to conduct cryptocurrency transactions only through licensed national service providers. Foreign platforms operating without proper licenses can lead to administrative or criminal responsibility for those involved in such transactions.

The country’s regulatory framework for cryptocurrency activities is overseen by the National Agency for Prospective Projects, which manages an electronic registry of licenses for service providers in the crypto-assets sector.