Uzbekistan Strengths Crypto Regulations, Issues Licenses To Exchanges

Uzbekistan regulators have begun giving local crypto service providers regulatory permits as they are poised to implement a new cryptocurrency framework for the country in 2023.

According to a declaration made public on November 17, Uzbekistan’s main cryptocurrency market regulator, the National Agency for Perspective Projects (NAPP), has granted the country’s first cryptocurrency licenses.

The licenses formally permit two “cryptocurrency retailers,” namely Crypto Trade NET LLC and Crypto Market LLC, to provide services associated with cryptocurrencies.

According to information from the NAPP’s electronic license record, both Crypto Trade NET and Crypto Market are situated in Tashkent. The information also lists Kamolitdin Nuritdinov as the sole creator and shareholder of the Crypto Market. 

At the time of writing, none of the platforms appeared to have an active website.

According to the announcement, the NAPP has granted licenses to the two businesses in accordance with the presidential decree that established guidelines for the circulation of digital assets in Uzbekistan and was published in April 2022.

“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 announcement follows the government of Uzbekistan’s recent blocking of many significant international cryptocurrency exchanges due to their lack of a valid license to provide cryptocurrency trading services.

The block apparently only affected crypto juggernauts like Binance and Huobi, while customers reportedly managed to still access their websites via VPN services. 

In Conclusion

The most recent licenses coincide with Uzbekistan’s active preparations to develop a new regulatory framework for cryptocurrencies in a few months. Beginning on January 1, 2023, the Uzbek government will only permit authorized cryptocurrency companies to offer services to Uzbek citizens.