Uzbekistan Has Issued 2 New Licesnes for Crypto Services

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Uzbekistan has issued 2 new licenses for crypto services. The crypto market regulator in Uzbekistan has granted two companies permission to provide exchange services. The decision to allow their activities to take place is to make it easier for Uzbeks to buy and sell digital currency, the agency said.

Crypto Exchange 2 is authorized to exchange coins in Uzbekistan

The Uzbek National Agency for Prospect Projects (NAPP) has issued licenses for two companies created to offer cryptocurrency exchanges. Crypto Trade NET and Crypto Market have been registered as “service providers in the field of crypto asset exchange”, the authorities announced. NAPP, which is under the leadership of Tashkent, is responsible for the crypto region of Central Asia. “The Republic of Uzbekistan is one of the few countries in the world that has a well-organized system for regulating the circulation of crypto-assets,” the company said.

The regulator refers to several presidential orders and decisions issued to determine its role in developing the country’s digital economy, including the crypto space. They introduced rules for licensing companies that deal in cryptocurrencies. Last year, President Shavkat Mirziyoyev signed a decree to expand the legal framework that provided legal details for crypto assets, exchanges and mining. The government also made a new registration law for children and introduced a salary for crypto companies.

Although Uzbekistan already has a government-controlled currency exchange, Uznex, the two licensed companies will operate as digital currency exchangers or “crypto shops” as defined by the law. “It should be emphasized that Crypto Trade NET LLC and Crypto Market LLC have become the first crypto markets in the CIS and Central Asia,” NPP insisted and explained: “Crypto shops are designed to provide easier access for citizens to buy or sell crypto assets.”

The National Perspective Projects Agency also urged Uzbek citizens to “be as careful as possible” and avoid using the services of e-commerce platforms that do not have a license to operate in the country.

In August, the authority began blocking access to foreign-based crypto trading websites. These trends have even affected popular global platforms such as the world’s largest crypto exchange, Binance. However, this month, NAPP blocked Bestchange.ru, a popular exchange aggregator in Russia and the former Soviet Union.

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