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Uzbekistan issues first cryptocurrency licenses to two local ‘cryptoshops’

by SuperiorInvest

As Uzbekistan prepares to adopt a new cryptocurrency framework in 2023, Uzbek regulators have begun issuing regulatory approvals to local crypto service providers.

The National Agency for Prospective Projects (NAPP), Uzbekistan’s main cryptocurrency market oversight body, has issued the nation’s first cryptocurrency licenses, according to an official announcement. released on November 17.

The licenses officially authorize the offering of cryptocurrency-related services by two “crypto-currency shops,” including Crypto Trade NET LLC and Crypto Market LLC.

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

Neither platform appears to have operational websites at the time of writing.

According to the announcement, NAPP has granted the license to the two companies based on a presidential decree issued in April 2022, which sets out the rules for the circulation of crypto-assets in Uzbekistan.

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

“The agency calls on citizens to be as vigilant as possible and not to use the services of electronic platforms that have not obtained a license to operate on the territory of the Republic of Uzbekistan in the prescribed manner.”

The news comes shortly after Uzbekistan’s Govt blocked a number of major global crypto exchanges due to the absence of a proper license to offer cryptocurrency trading services.

Related: Russia Intends to Launch ‘National Crypto Exchange’

Crypto giants such as Binance and Huobi were hit by the block, while users were reportedly still able to access their sites using VPN services. After announcing the measure in August 2022, NAPP has apparently since deleted that statement.

The latest licenses come as Uzbekistan is actively preparing to adopt a new regulatory framework for cryptocurrencies within months. From January 1, 2023, the government of Uzbekistan will allow provision of crypto services to Uzbek citizens only by licensed cryptocurrency firms.

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