Uzbekistan Issues First Crypto Licenses To Two Local ‘Crypto Shops’

As Uzbekistan prepares to adopt a new cryptocurrency framework in 2023, Uzbek regulators have begun issuing regulatory approvals for local crypto service providers.

The National Agency for Perspective Projects (NAPP), Uzbekistan’s main cryptocurrency market watchdog, has issued the country’s first cryptocurrency licenses, according to an official announcement. released on November 17.

The licenses officially authorize the offering of cryptocurrency-related services by two “cryptocurrency shops”, including Crypto Trade NET LLC and Crypto Market LLC.

According to information from NAPP’s electronic license registry, both Crypto Trade NET and Crypto Market are established in Tashkent. The data also refers to Kamolitdin Nuritdinov as the sole founder and shareholder of Crypto Market. Behzod Achilov is also the sole founder and shareholder of Crypto Trade NET.

Neither platform appears to have an operational website at the time of writing this article.

According to the announcement, NAPP has licensed the two companies. based on presidential decree issued in April 2022, which establishes rules for the circulation of crypto assets in Uzbekistan.

“Cryptocurrency stores are designed to provide easier access for citizens to buy or sell crypto assets,” the statement said, adding:

“The agency urges citizens to be as vigilant as possible 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 news comes shortly after the Uzbekistan government blocked several major global crypto exchanges due to the absence of a proper license to offer cryptocurrency trading services.

Related: Russia Intends To Launch A ‘National Crypto Exchange’

The block affected cryptocurrency giants like Binance and Huobi, while users were still reportedly able to access their websites with the help of VPN services. After announcing the measures in August 2022, NAPP has apparently removed that statement.

The latest licenses come amid Uzbekistan actively preparing to adopt a new crypto regulatory framework in a few months. As of January 1, 2023, the government of Uzbekistan allow the provision of crypto services to Uzbek citizens only by authorized cryptocurrency firms.