Uzbekistan Grants Two Local Crypto Companies First Crypto Licenses



Nov 29, 20222 min read

Uzbekistan Grants Two Local Crypto Companies First Crypto Licenses

Only authorized cryptocurrency companies will be permitted to provide Uzbek citizens crypto trading services beginning in January 2023.

The Uzbek authorities have begun giving regulatory approvals to local cryptocurrency service providers as they get ready to implement a new cryptocurrency framework in 2023.

According to an announcement made public on November 17, Uzbekistan's main cryptocurrency market watchdog, the National Agency for Perspective Projects (NAPP), has granted the country's first cryptocurrency licenses.

The licenses formally permit two cryptocurrency companies namely Crypto Trade NET LLC and Crypto Market LLC to provide services related to cryptocurrencies.

Both Crypto Trade NET and Crypto Market are situated in Tashkent, according to information from the NAPP's electronic license record. The document also lists Kamolitdin Nuritdinov as the single founder and shareholder of Crypto Market. The sole founder and stakeholder of Crypto Trade NET is Behzod Achilov.

At the time of writing, none of the platforms appeared to have an active website.

According to the announcement, the NAPP has granted licenses to the two businesses in accordance with the presidential decree issued in April 2022, which established guidelines for the circulation of crypto assets in Uzbekistan.

According to the statement: “Crypto shops are designed to provide easier access for citizens to buy 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 global cryptocurrency exchanges due to their lack of a valid license to provide cryptocurrency trading services.

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Despite the block, customers are still able to access Binance and Huobi's websites through VPN services. The NAPP reportedly withdrew that comment after introducing the measures in August 2022.

The most recent licenses coincide with Uzbekistan's active preparations to adopt 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 offer services to Uzbek citizens.

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