Crypto assets in the spotlight as Uzbekistan doles out major reforms

Posted by Matthew Calleja Posted: Nov 25, 2022

The Uzbekistani government has issued several reforms in favour of constructing a legal framework and developing the Crypto asset market.

Uzbekistan issues a regulatory framework for Crypto assets

The Republic of Uzbekistan are making regulatory strides, officially disregarding the primarily ‘uncontrollable’ nature of the Crypto space. It is one of the first countries fervently pushing for a regulated crypto market. The regulatory framework also involves Crypto asset revenue.

His Excellency Shavkat Mirziyoyev, President of Uzbekistan.

A recent report by the National Agency for Prospective Projects (NAPP) recorded the President decree and the Agency’s confirmations. In August, NAPP “developed and approved the Regulation on the procedure for licensing the activities of service providers in the field of turnover of crypto-assets.” NAPP later approved the “Rules for the implementation of the activities of a crypto-store” in October.

These developments follow a decree by Uzbekistani President Shavkat Mirziyoyev, issued in July, 2017. He had stated that this regulation is aimed towards the “organization of activities of the [NAAP] of the Republic of Uzbekistan.” In a 2018, the president added the development of the “digital economy and the sphere of turnover of crypto assets in the Republic of Uzbekistan” to the agenda.

NAPP has already issued the first licenses in line with the reported legal acts. They cover the activities of the Crypto-store LLC “Crypto Trade NET” and LLC “Crypto Market”. This makes them the first Crypto-stores in the CIS and Central Asia, designed to facilitate civilian access to Crypto assets. In the meantime, the Agency has cautioned users to avoid the services of unlicensed electronic platforms operating outside of Uzbekistan’s regulatory framework.

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