The Uzbek regulators have begun issuing regulatory approvals to regional crypto service providers as they get ready for the country to adopt a new crypto framework in 2023.
As a result, only authorized cryptocurrency companies will be permitted to offer Uzbek citizens crypto trading services beginning in January 2023.
According to a declaration made public on November 17, Uzbekistan’s main cryptocurrency market regulator, the National Agency for Perspective Projects (NAPP), has granted the country’s first crypto licenses.
The licenses formally permit two “cryptocurrency stores,” including Crypto Trade NET LLC and Crypto Market LLC, to provide services associated with cryptocurrencies.
Both Crypto Trade NET and Crypto Market are based in Tashkent, according to information from the NAPP’s electronic license register.
The information also lists Kamolitdin Nuritdinov as the sole founder and shareholder of Crypto Market. The sole founder and shareholder 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 that established guidelines for the circulation of digital assets in Uzbekistan and was issued in April 2022.
The announcement follows the government of Uzbekistan’s recent blocking of several significant international cryptocurrency exchanges due to their lack of a valid license to provide crypto trading services.
The block reportedly only affected crypto juggernauts like Binance and Huobi, though users reportedly managed to still access their websites using VPN services.
In August 2022, the NAPP announced the measures, but it appears that statement has since been removed.