In Uzbekistan, preparations are being made to introduce a new crypto framework in the coming calendar year. The country’s regulators are now taking the first steps in issuing regulatory approvals to local crypto service providers.
Two companies receive crypto license
The country’s main watchdog, the National Agency for Perspective Projects, or NAPP for short, is in charge of the new crypto licenses. They have now issued the first 2 crypto licenses in the country. This is according to a local press release that has been issued.
The licenses basically authorize the provision of cryptocurrency-related services. Two local cryptocurrency stores have now received the license: Crypto Market LLC and Crypto Trade NET LLC.
Both companies are reportedly based in Tashkent, the country’s capital. The public data also points to Kamolitdin Nuritdinov as founder and shareholder of Crypto Market LLC. In addition, Behzod Achilov is also the sole founder and shareholder of Crypto Trade NET LLC.
It currently seems that both companies do not yet have a working website, despite having already received the crypto license.
New regulatory framework within a few months
Such crypto stores in the country will be designed to give the local citizens easier access to crypto assets. The statement added the following to protect local residents:
The agency urges citizens to be as vigilant as possible and not to use the services of electronic platforms that have not been licensed to operate in the prescribed manner on the territory of the Republic of Uzbekistan.
Recently, the government of Uzbekistan has blocked a number of major crypto exchanges. This is because she did not have the proper crypto license to offer crypto trading services in the country. Although such exchanges no longer officially offer their services there, users can still easily access them through a VPN. So this happens.
However, the fact that new licenses have been introduced is not a bad move. The country is preparing to implement a new regulatory framework specific to cryptocurrencies within a few months. Therefore, from January 1, 2023, the government of Uzbekistan will only allow the provision of crypto services to Uzbek citizens only to licensed cryptocurrency companies.