Uzbekistan officials have begun giving crypto licenses to local crypto service providers as the country makes move to implement a new cryptocurrency trading services framework in 2023.
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 licenses.
The licenses formally permit two “cryptocurrency retailers,” namely Crypto Trade NET LLC and Crypto Market LLC, to provide services associated with cryptocurrencies.
Both Crypto Trade NET and Crypto Market are situated in Tashkent, according to information from the NAPP’s electronic licensing record. The information also lists Kamolitdin Nuritdinov as the sole creator and shareholder of the Crypto Market.
The only creator and stakeholder of Crypto Trade NET are Behzod Achilov. At the time of writing, none of the platforms seemed to have an active website.
According to the release, the NAPP has granted licenses to the two businesses in accordance with the presidential decree that established guidelines for the circulation of digital assets in Uzbekistan and was published in April 2022.
According to the statement, “Crypto stores are meant to give simpler access for people to acquire or sell crypto assets.”
“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 announcement follows the government 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 impacted crypto juggernauts like Binance and Huobi, while customers reportedly managed to still access their websites via VPN services. In August 2022, the NAPP announced the measures, however, it seems the statement has since been removed.
The most recent licenses coincide with Uzbekistan’s aggressive preparations to develop a new regulatory framework for cryptocurrencies in a few months. Beginning on January 1, 2023, the Uzbek government will only permit authorized cryptocurrency companies to provide services to Uzbek nationals.