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Uzbekistan Gives Regulatory Approvals to Two Local Crypto Service Providers

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Uzbekistan Gives Regulatory Approvals to Two Local Crypto Service Providers

Uzbekistan’s National Agency of Perspective Projects granted crypto licenses to Crypto Trade NET LLC and Crypto Market LLC. 

The National Agency of Perspective Projects of the Republic of Uzbekistan (NAPP), the country’s leading cryptocurrency market regulator, has given crypto licenses to two local crypto service providers.

According to the announcement shared on November 17th, licenses were granted for two “cryptocurrency stores” based in Tashkent, Crypto Trade NET LLC, and Crypto Market LLC

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In the announcement, NAPP noted that “crypto shops” make it easier for investors to buy or sell cryptocurrencies, adding:

It should be emphasized that Crypto Trade NET LLC and Crypto Market LLC became the first crypto shops in the CIS and Central Asia.

At the time of writing, both companies don’t have operating websites. On top of that, based on NAPP’s electronic license register, both companies have single founders and shareholders. In the case of Crypto Trade NET LLC, it is Behzod Achilov, whereas Crypto Market’s founder and shareholder is Kamolitdin Nuritdinov.

At the end of its announcement, NAPP informed users to avoid using crypto platforms that don’t have licenses to operate in the country.

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.

The warning comes after, on August 10th, blocked users from accessing unlicensed crypto exchanges and their services. The ban for trading “on foreign electronic platforms” is valid until January 1st, 2023. However, even in 2023, Uzbekistanis will be able to use only national service providers

In other Uzbekistan-related news, at the end of October, Uzbekistan’s police attended a five-day crypto and Dark Web investigation training course. The training focused on “main concepts and key trends in the areas of internetworking, anonymity and encryption, cryptocurrencies, obfuscation techniques, Dark Web, and Tor networks.”

Gile K. - Crypto Analyst

by Gile K. – Crypto Analyst, BitDegree


Source – Bitdegree.org

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