Crypto

Uzbekistan Licenses 2 Crypto Exchange Service Providers – Exchanges Bitcoin News

The regulatory body that oversees the crypto market in Uzbekistan has issued licenses to two companies that will provide exchange services. The decision to allow their activities is aimed at making it easier for Uzbeks to buy and sell digital currencies, the agency said.

2 Crypto Exchanges Licensed to Exchange Coins in Uzbekistan

The Uzbek National Agency for Prospect Projects (NAPP) has granted licenses to two entities created to offer the cryptocurrency exchange. Crypto Trade NET and Crypto Market have been registered as “service providers in the field of crypto assets turnover”, the authority announcement.

The NAPP, which is subordinate to the Tashkent Presidency, is the central regulator of the Central Asian nation’s crypto sector. “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.

The regulator refers to several presidential decrees and resolutions issued to determine its responsibilities and develop the country’s digital economy, including the crypto space. They introduced rules for licensing companies dealing with cryptocurrencies.

Earlier this year, President Shavkat Mirziyoyev sign an executive order expanding the regulatory framework that provided legal definitions for crypto assets, exchange, and mining. The government has also adopted new registration rules for minors and introduced monthly fee for crypto companies.

While Uzbekistan already has a cryptocurrency exchange, government control Uznex, the two licensed companies will operate as digital currency exchangers or “crypto shops” within the meaning of the regulations. “It should be noted that Crypto Trade NET LLC and Crypto Market LLC became the first crypto stores in the IEC and in Central Asia”, insisted the NPP and specified:

Crypto shops are designed to make it easier for citizens to buy or sell crypto assets.

The National Perspective Projects Agency also urged Uzbek citizens “to be as vigilant as possible” and to avoid using the services of e-commerce platforms that do not have a license to operate in the country.

In August, the authority began restrict access to foreign-based crypto trading websites. The measures have affected even well-known global platforms like the world’s largest crypto exchange, Binance. However, this month the NAPP unblocked Bestchange.ru, a popular exchange aggregator in Russia and former Soviet space.

Keywords in this story

Central Asia, Crypto, crypto exchange, crypto exchangers, crypto stores, Cryptocurrencies, Cryptocurrency, Swap, exchangers, Licence, authorized, Licence, Regulations, service providers, Uzbekistan, Uzbek

Do you think Uzbekistan will allow more crypto service providers in the coming months? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a tech-savvy Eastern European journalist who loves Hitchens’ quote: “Being a writer is who I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

Image credits: Shutterstock, Pixabay, Wiki Commons, Damira / Shutterstock.com



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