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Uzbekistan awards first crypto licences to two local ‘crypto stores’

Company permit cryptocurrency

Only authorized cryptocurrency companies will be permitted to offer trading services to Uzbek people beginning in January 2023.

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The Uzbek officials have begun awarding regulatory licences to regional bitcoin service providers as they prepare the country to implement a new cryptocurrency framework in 2023.

According to a declaration on November 17, Uzbekistan’s primary cryptocurrency market regulator, the National Agency for Perspective Projects (NAPP), has granted the country’s first cryptocurrency licences.

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

shareholder and creator:

According to information from the NAPP’s electronic licence record, both Crypto Trade NET and Crypto Market are situated in Tashkent. The report also lists Kamolitdin Nuritdinov as the sole creator and shareholder of the Crypto Market. The sole founder and stakeholder of Crypto Trade NET are 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 licences to the two businesses by the presidential decree that established guidelines for the circulation of digital assets in Uzbekistan and was published in April 2022.

According to the statement, “Crypto stores are designed to give simpler access for citizens to acquire or sell crypto assets.”

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“The agency advises citizens to exercise maximum caution and refrain from using the services of electronic platforms that have not been granted authorization to operate in the manner specified on the territory of the Republic of Uzbekistan.”

Final announcement:

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

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The block only affected crypto juggernauts like Binance and Huobi, while customers reportedly managed to still access their websites via VPN services. In August 2022, the NAPP announced the measures; however, it appears the statement has since been removed.

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The most recent licences coincide with Uzbekistan’s active preparations to develop a new regulatory framework for cryptocurrencies in a few months. Beginning on January 1, 2023, the Uzbek government will only permit authorized cryptocurrency companies to offer services to Uzbek citizens.


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