Two organizations created to provide bitcoin trading have received permits from Uzbekistan's National Agency of Perspective Projects (NAPP). The government declared that Crypto Trade NET and Crypto Market have been registered as "service providers in the field of crypto assets turnover."
The primary regulator for the cryptocurrency industry in the Central Asian country is the NAPP, which reports to the Tashkent presidency. The company mentioned:
“The Republic of Uzbekistan is one of the few countries in the world that has a well-formed framework for regulating the circulation of crypto assets.”
The regulator is making reference to a number of presidential decrees and resolutions that were issued to specify its obligations and advance the nation's digital economy, including the cryptocurrency sector. They established guidelines for the licensing of cryptocurrency-related enterprises.
The regulatory framework was expanded earlier this year by a decree signed by President Shavkat Mirziyoyev that gave legal definitions for cryptocurrency assets, exchange, and mining. Additionally, the government introduced monthly fees for cryptocurrency businesses and new registration requirements for miners.
The government-controlled Uznex is the only cryptocurrency exchange in Uzbekistan; however, the two licensed businesses will operate as "crypto shops," as defined by the regulations, which are digital money exchangers. The NPP insisted and added that it should be emphasized that Crypto Trade NET LLC and Crypto Market LLC became the first crypto shops in the CIS and Central Asia.
“Crypto shops are designed to provide easier access for citizens to buy or sell crypto assets.”
The National Agency of Perspective Projects further advised Uzbekistani individuals "to be as alert as possible" and to refrain from using the services of internet trading platforms that lack a valid operating permit for the nation.
The authority began limiting access to websites that conducted cryptocurrency trading in other countries in August. Even well-known worldwide sites like Binance, the biggest cryptocurrency exchange in the world, were impacted by the regulations. Bestchange.ru, a well-known exchange aggregator in Russia and the former Soviet Union, was unblocked by the NAPP this month.