Uzbekistan has begun granting regulatory approvals to local crypto service providers.
With the development of the crypto market, countries are also working to regulate and control crypto activities. Especially after the recent FTX events, regulators bring stricter crypto rules. Preparing to increase crypto adoption, Uzbekistan has also issued its first crypto licenses.
Uzbekistan Green Lights for Two Companies
Uzbekistan’s leading cryptocurrency market watchdog, the National Agency for Perspective Projects (NAPP), has granted the country’s first crypto licenses, according to an official announcement published on Nov.
The licenses officially authorize the provision of cryptocurrency-related services by two “cryptocurrency stores”, including Crypto Trade NET LLC and Crypto Market LLC.
“Crypto stores are designed to provide easier access for citizens to buy or sell crypto assets,” the statement said. It was also noted that:
“The agency urges citizens to be as careful as possible and not to use the services of unlicensed electronic platforms to operate in the prescribed manner on the territory of the Republic of Uzbekistan.”
From January 1, 2023, Uzbekistan will allow crypto services to be provided to Uzbek citizens only by licensed cryptocurrency firms.
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