Uzbekistan Strengths Crypto Regulations, Issues Licenses To Exchanges


Uzbek regulators have started granting local crypto service providers regulatory permissions as they are set to implement a new cryptocurrency framework for the country in 2023.

According to a statement released on Nov. 17, Uzbekistan’s primary cryptocurrency market regulator, the National Agency for Prospect Projects (NAPP), has granted the country’s first cryptocurrency licenses.

The licenses formally authorize two “cryptocurrency retailers”, Crypto Trade NET LLC and Crypto Market LLC, to provide services associated with cryptocurrencies.

According to information from NAPP’s electronic license file, Crypto Trade NET and Crypto Market is located in Tashkent. The report also lists Kamolitdin Nuritdinov as the sole creator and shareholder of the Crypto Market.

As of this writing, none of the platforms appear to have an active website.

According to the announcement, the NAPP granted licenses to the two companies by the presidential decree which established guidelines for the circulation of digital assets in Uzbekistan and was issued in April 2022.

“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 in the territory of the Republic of Uzbekistan in the prescribed manner.”

The announcement follows the government of Uzbekistan’s recent blocking of many prominent international cryptocurrency exchanges due to their lack of a valid license to provide cryptocurrency trading services.

The blockage apparently only affected crypto behemoths like Binance and Huobi, while customers reportedly managed to access their websites through VPN services.

In conclusion

The most recent licenses coincide with active preparations by Uzbekistan to develop a new regulatory framework for cryptocurrencies in a few months. As of January 1, 2023, the Uzbek government will only allow licensed cryptocurrency companies to offer services to Uzbek citizens.

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