Written by 9:36 am Cryptocurrency

Uzbekistan issues crypto licenses to two local ‘crypto stores’

The Uzbek regulators have begun issuing regulatory approvals to regional cryptocurrency service providers as they get ready for the country to adopt a new cryptocurrency framework in 2023, as reported by Cointelegraph.

Cointelegraph further noted that according to a declaration made public on November 17, Uzbekistan’s main cryptocurrency market regulator, the National Agency for Perspective Projects (NAPP), has granted the country’s first cryptocurrency licences.

The licences formally permit two “cryptocurrency stores,” including Crypto Trade NET LLC and Crypto Market LLC, to provide services associated with cryptocurrencies.

Cointelegraph noted that both Crypto Trade NET and Crypto Market are based in Tashkent, according to information from the NAPP’s electronic licence register. The information also lists Kamolitdin Nuritdinov as the sole founder and shareholder of the Crypto Market. The sole founder and shareholder of Crypto Trade NET is Behzod Achilov.

According to the announcement, the NAPP has granted licences to the two businesses in accordance with the presidential decree that established guidelines for the circulation of digital assets in Uzbekistan and was issued in April 2022, Cointelegraph noted.

The most recent licences coincide with Uzbekistan’s active preparations to adopt a new regulatory framework for cryptocurrencies in a few months. Beginning on January 1, 2023, the Uzbek government will only permit authorised cryptocurrency companies to offer services to Uzbek citizens.

(With insights from Cointelegraph)

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