As part of the step to go mainstream in digital assets services next year, Uzbekistan regulators have licensed two cryptocurrency exchanges to provide virtual assets services to the people of the country.
This Uzbekistan move happens amid the current FUD in the crypto market, and regardless of the market conditions, you can make a fortune in the crypto market; all you need is the right and experienced market analysts who are watching the market every 24 hours.
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Uzbekistan Issues First Crypto License
Amid the current crisis in the crypto market and its industry in general, government interest in crypto is on the rise, Uzbekistan is however the latest to show a friendly move for crypto assets.
The regulator of Uzbekistan, the National Agency of Perspective Projects (NAPP) Uzbekistan has licensed two crypto exchanges namely Crypto Trade NET and Crypto Market as virtual assets service providers in the country.
As per the NAPP’s electronic licensing registry, both crypto firms are headquartered in Tashkent, the data also identifies Kamolitdin Nuritdinov as the only creator and shareholder of the Crypto Market. Also, Behzod Achilov is the sole founder and owner of Crypto Trade NET.
The NAPP which is the major crypto regulator of the Central Asian republic added that the Republic of Uzbekistan is one of the few countries that has a well-developed framework for regulating digital assets.
Earlier this year, Uzbekistan’s President expanded the regulatory framework for crypto assets in the country after signing a decree that provided legal definitions for crypto mining and trading, additionally, there was a provision for additional registration requirements for miners, and also for crypto enterprises, monthly taxes are implemented.
The National Agency of Perspective Projects further warned Uzbek nationals to exercise the utmost vigilance and avoid using the services of unlicensed online trading platforms.
This comes not long after the Uzbekistan government suspended some prominent crypto exchanges because they lack the required license to provide virtual asset services.
Users of Binance as well as Huobi have been using VPNs to log in to their respective exchanges in order to neutralize the effect of the ban.
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