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Two "crypto shops" in Uzbekistan receive their initial crypto licenses.

Two "crypto shops" in Uzbekistan receive their initial crypto licenses. WikiBit 2022-11-28 17:18

As the nation gears up to introduce a new cryptocurrency framework in 2023, Uzbek authorities have started granting regulatory licenses to regional bitcoin telecom operators. In 2023, this implementation is anticipated to occur.

The National Agency for Perspective Projects (NAPP), the main cryptocurrency market regulator in Uzbekistan, has finished distributing the first crypto permits in the republic, in accordance with an official statement that was publicly revealed on November 17.

The so-called “cryptocurrency stores” Crypto Trade NET LLC and Crypto Market LLC have both been granted licenses that legally allow them to offer services associated with cryptocurrencies. The two businesses received permits in line with the presidential decree that was released in April 2022, the NAPP stated in a statement. This law establishes guidelines for the exchange of cryptocurrencies in Uzbekistan.

The announcement comes shortly after the Uzbek government imposed access controls on some of the biggest cryptocurrency exchanges around the globe on the basis that they were legally authorized to offer bitcoin trading services. In August 2022, the NAPP announced the measures; however, it appears the statement has since been deleted.

The most recent licenses were granted at a moment when Uzbekistan is working hard to create a new legislative regime for cryptocurrencies in the coming months.

Beginning on January 1, 2023, only crypto businesses that have been granted licenses by the Uzbek government may offer their services to citizens of that nation.

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