From January 2023, Uzbek citizens can only trade cryptocurrency with licensed cryptocurrency firms.
Crypto service providers have started receiving regulatory approvals from Uzbek regulators as the country prepares to adopt a new cryptocurrency framework in 2023.
According to an official announcement released on November 17, the National Agency for Perspective Projects (NAPP) issued Uzbekistan’s first cryptocurrency licenses.
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In addition to Crypto Trade NET LLC and Crypto Market LLC, two “cryptocurrency stores” have now been granted official licenses to offer cryptocurrency-related services.
According to the NAPP’s electronic license registry, Crypto Trade NET and Crypto Market both have Tashkent addresses.
Additionally, Kamolitdin Nuritdinov is listed as the sole founder and shareholder of the Crypto Market. Crypto Trade NET was also founded and is owned by Behzod Achilov.
At the time of writing, none of the platforms had websites.
According to the announcement, a presidential decree issued in April 2022 establishing Uzbekistan’s crypto asset circulation rules authorized the two companies.
Buying and selling crypto assets is easier with crypto shops.
As a result of the lack of a proper license to offer crypto trading services, the government of Uzbekistan blocked several major global exchanges.
With the help of VPN services, users could still access the websites of crypto giants like Binance and Huobi despite the block. According to NAPP, its announcement of the measures in August 2022 appears to have been deleted.
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A comprehensive crypto regulatory framework will be adopted in Uzbekistan in the next few months, leading to the latest licenses. From Jan. 1, 2023, only licensed cryptocurrency firms can provide crypto services to Uzbek citizens.