Central Asian country Uzbekistan which has been making a gradual push and has equally been wary of unregulated cryptocurrency exchanges has finally licensed two digital assets stores. According to Uzbekistan’s top crypto watchdog, the National Agency for Perspective Projects (NAPP), Crypto Trade NET LLC, and Crypto Market LLC. has received the country’s first crypto regulatory licenses.
“The Agency issued the first licenses for the operation of the crypto store Crypto Trade NET LLC and Crypto Market LLC. The relevant information has been duly added to the electronic register of licenses and is publicly available on the official website of the Agency,” the official announcement stated
These issued licenses are in preparation for more regulatory approvals which the nation’s watchdogs plan to roll out to local digital assets service providers in the coming months after the launch of a robust crypto regulatory framework in 2023. With this official authorization from NAPP, the two crypto stores which are located in Tashkent can now offer cryptocurrency-related services to citizens of the region.
Uzbekistan Push Out Unregulated Crypto Exchanges
Markedly, no unregulated or unlicensed crypto exchange will be permitted to offer its products and services in Uzbekistan from 2023 with the new crypto laws. The licenses were issued based on an April 2022 decree by the President of Uzbekistan and resolutions of the President of the Republic of Uzbekistan.
For now, not much is known about the two licensed crypto stores especially, as they do not have an official website yet. However, the published announcement referred to Kamolitdin Nuritdinov as the single founder and shareholder of Crypto Market. Also, Behzod Achilov is the single founder and shareholder of Crypto Trade NET.
Further emphasizing its stance on unregulated crypto exchanges, the NAPP announcement declared “At the same time, the Agency urges citizens to be as vigilant as possible, to beware and not to use the services of electronic platforms that have not received a license to operate on the territory of the Republic of Uzbekistan in the prescribed manner.”
Uzbekistan’s push for a regulated crypto ecosystem recently made the nation push out many unauthorized digital assets service providers from its region. Uzbekistan users of Binance were shut out of the website in August along with those who use now-bankrupt FTX and Huobi Global.