Uzbekistan Allows First 2 Crypto Companies To Provide Services

The Uzbek regulators have begun awarding regulatory licenses to regional bitcoin service providers as they get ready for Uzbekistan to implement a new cryptocurrency framework in 2023.

Two entities created to provide bitcoin trading have received permits from Uzbekistan’s National Agency of Perspective Projects (NAPP). The government said that Crypto Trade NET and Crypto Market had been registered as service providers in the field of crypto assets turnover.

According to the release, the NAPP has granted licenses to the two companies by the presidential decree that established guidelines for the circulation of digital assets in Uzbekistan and was published in April 2022.

“The Republic of Uzbekistan is one of the few countries in the world that has a well-formed framework for regulating the circulation of crypto assets,” the agency noted.

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

The only creator and stakeholder of Crypto Trade NET is Behzod Achilov. At the time of writing, none of the platforms appeared to have an active website.

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

The restriction only affected crypto juggernauts like Binance and Huobi, while customers reportedly managed to access their websites via VPN services still. In August 2022, the NAPP announced the measures; however, it appears the statement has since been removed.

The National Agency of Perspective Projects further advised Uzbekistani citizens to refrain from using the services of online trading platforms that lack a valid operating permit for the nation.

The regulatory framework was expanded earlier this year by a decree issued by President Shavkat Mirziyoyev that gave legal definitions for cryptocurrency assets, trade, and mining. Additionally, the government introduced monthly fees for cryptocurrency businesses and new registration requirements for miners.

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