Uzbekistan regulator issues licenses to two crypto firms
The two companies that were granted licenses to operate in the country are Crypto Trade NET and Crypto Market.
Tue, 22 Nov 2022, 06:45 am UTC
Uzbekistan’s regulatory body for the country’s crypto sector has issued licenses to two firms that plan to offer exchange services. The agency said that the decision to authorize the operations of the two companies is to make it simpler for investors to buy and sell digital currencies.
The two companies that were granted licenses to operate in the country are Crypto Trade NET and Crypto Market, according to Bitcoin.com. The crypto firms received the first licenses issued by Uzbekistan’s National Agency of Perspective Projects (NAPP).
“Based on the above regulatory legal acts, the Agency issued the first licenses for the operation of the crypto store Crypto Trade NET LLC and Crypto Market LLC. The relevant information has been duly added to the electronic register of licenses and is publicly available on the official website of the Agency,” NAPP announced on its website.
The agency added that the two firms also received the first licenses in the Central Asia region, which would make it easier for Uzbekistanis to trade in digital currencies. “Crypto shops are designed to provide easier access for citizens to buy or sell crypto assets,” the agency said. “It should be emphasized that Crypto Trade NET LLC and Crypto Market LLC became the first crypto stores in the CIS and Central Asia.”
The NAPP is the regulatory body overseeing the country’s crypto industry. “The Republic of Uzbekistan is one of the few countries in the world that has a well-formed framework for regulating the circulation of crypto assets,” the agency highlighted.
NAPP is making reference to a number of presidential decrees and resolutions that were issued to specify its responsibilities and develop the nation's digital economy, including the cryptocurrency sector. They established guidelines for the licensing of cryptocurrency-related enterprises.
The regulatory framework was expanded earlier this year by a decree signed by President Shavkat Mirziyoyev that gave legal definitions for cryptocurrency assets, exchange, and mining. Additionally, the government implemented monthly fees for cryptocurrency businesses and new registration requirements for miners.
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