Regulators in Uzbekistan have issued the first cryptocurrency licences to two local crypto service providers.
As the country prepares for its new 2023 cryptocurrency framework, Uzbekistan’s crypto market watchdog The National Agency for Perspective Projects (NAPP) issued the nation's inaugural regulatory approval on November 17.
Under the leadership of the President of the Republic of Uzbekistan, the country is undergoing socio-economic development which includes creating the legal framework for initiating and expanding a crypto asset market.
The new licences issued to the two “cryptocurrency shops”, Crypto Trade NET LLC and Crypto Market LLC authorize the first official use of cryptocurrency-relates services.
The shops have been given the go-ahead to operate and offer their service on both online trading platforms and offline physical exchanges, at physical locations and using either mobile banking or cash.
“Crypto shops are designed to provide easier access for citizens to buy or sell crypto assets”, according to the announcement.
The two companies, Crypto Trade NET and Crypto Market are both based in Tashkent, according to NAPP’s electronic license register.
Although the adoption of crypto services in the Central Asian country is in full swing, the regulatory agency urges citizens to be “as vigilant as possible” when considering using services that have not been regularly approved by the NAPP.
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