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Uzbekistan issues first crypto licenses to two local ‘crypto stores’

Uzbekistan issues first crypto licenses to two local ‘crypto stores’

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Uzbekistan is preparing to introduce a new cryptocurrency framework in 2023, and Uzbek regulators have begun issuing regulatory approvals to local crypto service providers.

The National Agency for Perspective Projects (NAPP), Uzbekistan’s main cryptocurrency market regulator, has issued the country’s first cryptocurrency licenses, according to an official release on November 17.

The licenses officially authorize the provision of cryptocurrency-related services to two “cryptocurrency exchanges” including Crypto Trade NET LLC and Crypto Market LLC.

According to NAPP’s electronic license register, both Crypto Trade NET and Crypto Market are located in Tashkent. The information also points to Kamolitdin Nuritdinov as the sole founder and shareholder of Crypto Market. Behzod Achilov is also the founder and shareholder of Crypto Trade NET.

Neither platform appears to have a working website as of this writing.

According to the announcement, NAPP has licensed two companies based on the April 2022 presidential decree establishing the rules for the circulation of crypto-assets in Uzbekistan.

“Crypto exchanges are designed to provide citizens with easier access to buy or sell crypto assets,” the statement said, adding:

The agency urges citizens to be as vigilant as possible and not to use the services of electronic platforms that have not received permission to operate in the territory of the Republic of Uzbekistan in the prescribed manner.

The news comes shortly after the Uzbek government blocked a number of major global crypto exchanges for not having the proper license to provide crypto trading services.

Related: Russia plans to launch ‘national crypto exchange’

Crypto giants such as Binance and Huobi were affected by the block, while users are reportedly still able to access their websites using VPN services. After announcing the measures in August 2022, NAPP has since apparently removed that statement.

The latest licenses come as Uzbekistan is actively preparing to implement a new crypto regulatory framework in a few months. As of January 1, 2023, the Uzbek government will allow the provision of crypto services to Uzbek citizens only by licensed cryptocurrency companies.