Uzbekistan Issued Their First Crypto Licenses To Local Crypto Stores

Only authorized cryptocurrency companies will be permitted to provide Uzbekistan residents bitcoin trading services beginning in January 2023.

Uzbek officials have begun giving local cryptocurrency providers legal permits as they get ready for the country to implement a new crypto legislation in 2023.

– Advertisement –

According to a declaration made public on November 17, Uzbekistan’s main cryptocurrency market regulator, the NAPP has granted the country’s first crypto licenses.

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

Both Cryptocurrency Trade NET as well as Cryptocurrency Market are situated in Uzbekistan, as per data from the NAPP’s digital licensing record. The information also lists Kamolitdin Nuritdinov as the sole creator and investor of Crypto Market. The only creator and stakeholder of Crypto Trading NET is Behzod Achilov. At that time of this writing, neither of the systems appeared to possess an active website.

Uzbekistan Issued Their Crypto Licenses To The Local Stores:

– Advertisement –

According to the release, the NAPP has granted licenses to the 2 businesses in accordance with the presidential order that established guidelines for the distribution of digital assets in Uzbekistan and was published in Apr 2022.

The announcement follows the authorities 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 apparently only affected crypto juggernauts like Binance as well as Huobi, while customers reportedly managed to still visit their websites via VPN services. In Aug 2022, the NAPP announced the measures, however it appears the announcement has since been removed.

The most recent licenses coincide with Uzbekistan’s aggressive preparations to develop a new regulatory regime for cryptocurrencies in a few month. Beginning on January 1, 2023, the Uzbek authorities will only permit authorized cryptocurrency companies to offer services to Uzbek nationals.