Uzbek officials have begun granting regulatory permissions to local crypto service providers as the country prepares to implement a new cryptocurrency framework in 2023. This adoption is expected to take place in 2023.
According to an official statement made public on Nov. 17, the National Agency for Perspective Projects (NAPP), which acts as the main regulator of the cryptocurrency market in Uzbekistan, has completed the distribution of the first cryptocurrency licenses in the country.
Both Crypto Trade NET LLC and Crypto Market LLC, both referred to as “cryptocurrency stores”, have received licenses that formally allow them to provide services connected to CRYPTOCURRENCIES.
Tashkent is listed as the location of operations for both Crypto Trade NET and Crypto Market in data obtained from the electronic license registry maintained by NAPP.
Behzod Achilov is not only the owner of Crypto Trade NET, but also the sole creator of the company.
At the time this article was written, neither platform seemed to have a website that was being actively updated.
According to the statement made by NAPP, the two companies received licenses in accordance with the presidential decree that was published in April 2022. This decree sets standards for the circulation of crypto assets within Uzbekistan.
The announcement comes shortly after the government of Uzbekistan restricted access to several of the world’s largest cryptocurrency exchanges on the grounds that they had the appropriate licenses to provide cryptocurrency trading services.
After making the announcement of the measures in August 2022, NAPP appears to have since withdrawn that statement.
The most recent licenses are issued at a time when Uzbekistan is making great efforts to develop a new crypto regulatory framework in the coming months.
Only cryptocurrency companies that have been granted licenses by the government of Uzbekistan will be able to provide their services to the inhabitants of that country as of January 1, 2023.