Two Uzbek "crypto stores" get their first crypto licenses.
Terrill Dicki Nov 25, 2022 09:50
Uzbekistan's main cryptocurrency market watchdog issued its first crypto licenses. Two "cryptocurrency stores" are licensed to provide cryptocurrency services. Uzbekistan blocked several major crypto exchanges due to license issues.
Uzbek officials have begun awarding regulatory permissions to local crypto service providers as the country prepares to implement a new cryptocurrency framework in 2023. This adoption is expected to take place in 2023.
According to an official declaration that was made public on November 17, the National Agency for Perspective Projects (NAPP), which serves as the primary cryptocurrency market regulator in Uzbekistan, has completed the distribution of the first crypto licenses in the country.
Both Crypto Trade NET LLC and Crypto Market LLC, both of which are referred to as "cryptocurrency stores," have received licenses that formally permit them to provide services connected to cryptocurrencies.
Tashkent is listed as the location of operations for both Crypto Trade NET and Crypto Market in the data obtained from the electronic license registration maintained by the NAPP.
Behzod Achilov is not only the owner of Crypto Trade NET, but he is also the company's only creator.
At the time this article was written, none of the platforms seemed to have a website that was actively being updated.
According to the statement made by the NAPP, the two firms have been granted licenses in accordance with the presidential decree that was published in April 2022. This decree provides standards for the circulation of crypto assets inside Uzbekistan.
The announcement comes not long after the government of Uzbekistan restricted access to a number of the world's largest cryptocurrency exchanges on the grounds that they had the appropriate licenses to provide cryptocurrency trading services.
After making the announcement of the measures in August 2022, the NAPP seems to have removed that statement since then.
The most recent licenses are issued at a time when Uzbekistan is making strenuous efforts to develop a new crypto regulatory framework within the next few months.
Only cryptocurrency companies that have been granted licenses by the government of Uzbekistan will be permitted to provide their services to inhabitants of that country beginning on January 1, 2023.
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