Tuesday, December 6, 2022

Uzbekistan issues first crypto licenses to two local ‘crypto stores’


As Uzbekistan prepares to undertake a brand new cryptocurrency framework in 2023, the Uzbek regulators have began issuing regulatory approvals to local crypto service suppliers.

The National Agency for Perspective Projects (NAPP), Uzbekistan’s main cryptocurrency market watchdog, has issued the nation’s first crypto licenses, in accordance to an official announcement released on Nov. 17.

The licenses formally authorize the providing of cryptocurrency-related providers by two “cryptocurrency stores,” together with Crypto Trade NET LLC and Crypto Market LLC.

According to the data from the NAPP’s digital license register, each Crypto Trade NET and Crypto Market are based in Tashkent. The information additionally refers to Kamolitdin Nuritdinov as Crypto Market’s single founder and shareholder. Behzod Achilov can be the one founder and shareholder of Crypto Trade NET.

None of the platforms seem to have an working web site on the time of writing.

According to the announcement, the NAPP has licensed the two corporations based on the presidential decree issued in April 2022, which establishes guidelines for crypto property circulation in Uzbekistan.

“Crypto shops are designed to provide easier access for citizens to buy or sell crypto assets,” the assertion stated, including:

“The agency urges citizens to be as vigilant as possible and not to use the services of electronic platforms that have not received a license to operate on the territory of the Republic of Uzbekistan in the prescribed manner.”

The information comes shortly after the federal government of Uzbekistan blocked a number of major global crypto exchanges due to the absence of a correct license to provide crypto buying and selling providers.

Related: Russia intends to launch a ‘national crypto exchange’

The block affected crypto giants like Binance and Huobi, whereas customers had been reportedly nonetheless ready to entry their web sites with the assistance of VPN providers. After saying the measures in August 2022, the NAPP has since apparently deleted that assertion.

The newest licenses come amid Uzbekistan actively getting ready to undertake a brand new crypto regulatory framework in a couple of months. Starting from Jan. 1, 2023, the federal government of Uzbekistan will allow the supply of crypto providers to Uzbek residents solely by licensed cryptocurrency companies.