Uzbekistan issues first crypto licenses to 2 local ‘crypto stores’

As Uzbekistan prepares to consider a brand new cryptocurrency framework in 2023, Uzbek regulators have began issuing regulatory approvals to local crypto providers.

The Nation’s Agency for Perspective Projects (NAPP), Uzbekistan’s major cryptocurrency market watchdog, has issued the nation’s first crypto licenses, based on the official announcement released on November. 17.

The licenses formally authorize the offering of cryptocurrency-related services by two “cryptocurrency stores,” including Crypto Trade Internet LLC and Crypto Market LLC.

Based on the information in the NAPP’s electronic license register, both Crypto Trade Internet and Crypto Market are based in Tashkent. The information also describes Kamolitdin Nuritdinov as Crypto Market’s single founder and shareholder. Behzod Achilov can also be the only founder and shareholder of Crypto Trade Internet.

No platforms have the symptoms of a practical website during the time of writing.

Based on the announcement, the NAPP has licensed the 2 companies in line with the presidential decree issued in April 2022, which establishes rules for crypto assets circulation in Uzbekistan.

“Crypto shops are made to provide simpler access for citizens to purchase or sell crypto assets,” the statement stated, adding:

“The agency urges citizens to become as vigilant as you possibly can and never to use electronic platforms which have not received permission to function around the territory from the Republic of Uzbekistan within the prescribed manner.”

This news comes soon after the federal government of Uzbekistan blocked numerous major global crypto exchanges because of the lack of an effective license to provide crypto buying and selling services.

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

The block affected crypto giants like Binance and Huobi, while users were apparently still in a position to access their websites with the aid of Virtual private network services. After announcing the measures in August 2022, the NAPP has since apparently deleted that statement.

The most recent licenses come among Uzbekistan positively getting ready to adopt a brand new crypto regulatory framework inside a couple of several weeks. Beginning from Jan. 1, 2023, the federal government of Uzbekistan will allow the supply of crypto services to Uzbek citizens only by licensed cryptocurrency firms.

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