Teenager arrested in Bukhara for $2.6 million illegal crypto trading
A 17-year-old teenager from Bukhara Arrested for Unauthorized Cryptocurrency Transactions Valued at $2.6 Million
A 17-year-old teenager from Bukhara has been arrested for engaging in unauthorized cryptocurrency transactions valued at 34 billion UZS (approximately $2.6 million). The arrest comes after an investigation by the Cybersecurity Department of the Bukhara Regional Internal Affairs Directorate revealed the teenager’s involvement in trading and exchanging crypto-assets without the necessary licenses.
Official reports state that the teenager, hailing from the Zarafshan neighborhood of the Jondor district, was participating in illegal acquisition, transfer, and exchange of cryptocurrencies without proper authorization. These activities violate Uzbekistan’s laws on cryptocurrency trading.
The police’s swift action in this urgent investigation led to the discovery of the illegal cryptocurrency circulation, resulting in the case being classified under Article 278-8, part 3 of the Criminal Code of Uzbekistan. This article addresses the unlawful acquisition, transfer, or exchange of large quantities of crypto-assets, with the teenager facing the prospect 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, has confirmed that preliminary investigations are currently ongoing. Uzbekistan’s Criminal Code imposes significant penalties, including imprisonment, on individuals found guilty of such offenses.
It is crucial to note that as of January 1, 2023, individuals and legal entities in Uzbekistan are mandated to conduct cryptocurrency transactions solely through licensed national service providers. Utilizing foreign platforms lacking proper licenses can result in administrative or criminal consequences for those participating in such transactions.
The oversight of the country’s regulatory framework for cryptocurrency activities falls under the National Agency for Prospective Projects, managing an electronic registry of licenses for service providers in the crypto-assets sector.
