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 launched on Nov. 17.
The licenses formally authorize the providing of cryptocurrency-related companies by two “cryptocurrency stores,” together with Crypto Trade NET LLC and Crypto Market LLC.
According to the knowledge from the NAPP’s digital license register, each Crypto Trade NET and Crypto Market are primarily based in Tashkent. The information additionally refers to Kamolitdin Nuritdinov as Crypto Market’s single founder and shareholder. Behzod Achilov can also 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 firms primarily based on the presidential decree issued in April 2022, which establishes guidelines for crypto belongings circulation in Uzbekistan.
“Crypto shops are designed to provide easier access for citizens to buy or sell crypto assets,” the assertion mentioned, 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 quite a lot of main international crypto exchanges due to the absence of a correct license to provide crypto buying and selling companies.
Related: Russia intends to launch a ‘national crypto exchange’
The block affected crypto giants like Binance and Huobi, whereas customers have been reportedly nonetheless ready to entry their web sites with the assistance of VPN companies. After asserting the measures in August 2022, the NAPP has since apparently deleted that assertion.
The newest licenses come amid Uzbekistan actively making ready to undertake a brand new crypto regulatory framework in just a few months. Starting from Jan. 1, 2023, the federal government of Uzbekistan will enable the availability of crypto companies to Uzbek residents solely by licensed cryptocurrency companies.