Two Local Cryptocurrency Stores In Uzbekistan Receive Regulatory Approvals

As Uzbekistan is preparing to adopt a unique crypto agenda in the coming year, the regulators in the country have initiated releasing regulatory authorizations to the native entities offering crypto services.

The National Agency for perspective Projects (NAPP), which is considered to be the prominent crypto market regulator of Uzbekistan, has released the earliest crypto licenses.

Uzbekistan Offers Initial Crypto Licenses to 2 Native Stores of Cryptocurrency

The licenses formally permit the provision of crypto services by a couple of crypto stores, taking into account Crypto Market LLC and Crypto Trade NET LLC.

As per the information recorded in the electronic register of the NAPP for licenses, both Crypto Market and Crypto Trade NET belong to Tashkent. In the data, Kamolitdin Nuritdinov was cited as the sole shareholder and founder of the Crypto Market.

Similarly, Crypto Trade NET’s sole shareholder and founder are Behzod Achilov. No platform seems to possess an online operating portal at present.

The announcement says that the two firms have been licensed by the NAPP in line with the presidential order released in April this year. This decree offers rules over the circulation of crypto assets in Uzbekistan.

The statement added that the crypto entities are established to make it convenient for the residents to access, sell, or purchase crypto assets. The agency persuades the residents to be more vigilant and not utilize the services offered by the electronic companies to which no license has been provided to run in the Republic of Uzbekistan’s jurisdiction.

The respective news is witnessed soon after the blockage of several well-known crypto exchanges across the globe on the behalf of the Uzbekistan government.

This occurred because no adequate license was present for the provision of services regarding crypto trading. As a result of this block, the prominent names in the crypto market such as Huobi and Binance got affected.

The Country to Potentially Embrace a Unique Agenda for Crypto Regulation

Apart from that, the consumers were reportedly incapable of reaching the websites of these companies with VPN services. The new licenses come at the moment when the country is enthusiastically readying to embrace an exclusive agenda for crypto regulation in the next few months.

Beginning from the 1st of January 2023, the country’s government will permit the crypto services to the citizens just offered by licensed companies.

Author: Isacco Genovesi

Isacco writes news articles, reviews and guides about cryptocurrencies including technical analysis, blockchain events, coin prices marketcap and detailed reviews on crypto exchanges and trading platforms.

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