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Uzbekistan Licenses 2 Crypto Exchange Service Providers

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Uzbekistan Licenses 2 Crypto Exchange Service Providers

The regulatory body overseeing the crypto market in Uzbekistan has issued licenses to two companies that will be providing exchange services. The decision to authorize their activities aims to make it easier for Uzbekistanis to purchase and sell digital currencies, the agency said.

2 Crypto Exchanges Licensed to Trade Coins in Uzbekistan

Uzbekistan’s National Agency of Perspective Projects (NAPP) has granted licenses to two entities established to offer cryptocurrency exchange. Crypto Trade NET and Crypto Market have been registered as “service providers in the field of crypto assets turnover,” the authority announced.

The NAPP, which is subordinated to the presidency in Tashkent, is the main regulator for the Central Asian nation’s crypto sector. “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 agency noted.

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The regulator is referring to several presidential decrees and resolutions issued to determine its responsibilities and develop the country’s digital economy, including the crypto space. They introduced rules for the licensing of businesses dealing with cryptocurrencies.

Earlier his year, President Shavkat Mirziyoyev signed a decree expanding the regulatory framework which provided legal definitions for crypto assets, exchange, and mining. The government also adopted new registration rules for miners and introduced monthly fees for crypto companies.

While Uzbekistan already has one cryptocurrency exchange, the government-controlled Uznex, the two licensed companies will work as digital money exchangers or “crypto shops” as defined by the regulations. “It should be emphasized that Crypto Trade NET LLC and Crypto Market LLC became the first crypto shops in the CIS and Central Asia,” the NPP insisted and elaborated:

Crypto shops are designed to provide easier access for citizens to buy or sell crypto assets.

The National Agency of Perspective Projects also urged Uzbekistani citizens “to be as vigilant as possible” and avoid using the services of online trading platforms that don’t have a license to operate in the country.

In August, the authority started restricting access to foreign-based crypto trading websites. The measures affected even well-known global platforms like the world’s largest crypto exchange, Binance. However, this month the NAPP unblocked Bestchange.ru, a popular exchange aggregator in Russia and the former-Soviet space.

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central asia, Crypto, crypto exchange, crypto exchangers, crypto shops, Cryptocurrencies, Cryptocurrency, Exchange, exchangers, License, licensed, licensing, Regulations, service providers, Uzbekistan, Uzbekistani

Do you think Uzbekistan will license more crypto service providers in the coming months? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits: Shutterstock, Pixabay, Wiki Commons, Damira / Shutterstock.com

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ACCESS

Uzbekistan Unblocks Popular Russian Crypto Exchange Aggregator

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Uzbekistan Unblocks Popular Russian Crypto Exchange Aggregator

The government body overseeing the crypto market in Uzbekistan has restored access to Bestchange.ru, a well-known exchange aggregator in the region. The move comes after earlier this year the regulator blocked a number of coin trading platforms, including Binance.

Residents of Uzbekistan Can Again Use the Services of Bestchange.ru

Uzbekistan’s National Agency of Perspective Projects (NAPP), the authority regulating the crypto space in the Central Asian nation, has removed restrictions imposed on Bestchange.ru, a popular exchange aggregator in Russia and the former Soviet space.

The development was announced by the Digital Rights Center (DRC) law firm whose legal experts have been representing the crypto platform. The DRC is specializing in providing legal assistance to internet users and businesses and was able to secure the unblocking of Bestchange.ru in Russia.

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The NAPP, which is subordinated to the presidential administration in Tashkent, began restricting foreign-based crypto trading websites in August. The measures affected even well-established exchanges with global reach such as Binance and FTX.

The agency said the blocking was done based on a decree issued by President Shavkat Mirziyoyev back in 2018, which stated that starting from Jan. 1, 2023, residents and companies incorporated in Uzbekistan will be allowed to buy and sell crypto assets only through local providers.

At the same time, it also banned trading on foreign platforms even before that date. The DRC pointed out that this has led to a paradox — Uzbekistanis have no choice but to use the services of the only currently licensed exchange in the country, the government-controlled Uznex.

After the law firm filed a number of appeals, the NAPP’s management eventually heard its arguments and agreed that the main activity of Bestchange.ru, which is essentially a monitoring website, constitutes an exception and its operations should not be restricted.

“We are very pleased that the NAPP, which now oversees this field, is as open to dialogue and is doing everything so that Uzbekistan, like Kazakhstan, becomes a fintech driver in the Central Asian region,” stated Sarkis Darbinyan, managing partner at DRC. He emphasized that “both countries are now taking leaps and bounds in terms of legalizing crypto and integrating it into the digital economy.”

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This year, President Mirziyoyev signed another decree seeking to expand the regulatory framework for Uzbekistan’s crypto market which provided legal definitions for crypto assets, exchange, and mining. The government also adopted new registration rules for miners and introduced monthly fees for crypto companies.

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ACCESS, Bestchange.ru, Binance, blocking, central asia, Crypto, Cryptocurrencies, Cryptocurrency, Exchange, exchange aggregator, Exchanges, ftx, Kazakhstan, License, licensed, NAPP, Regulations, regulator, unblocking, Uzbekistan

Do you think Uzbekistan will unblock other crypto exchange websites? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Bank Of Kyrgyzstan Issues Warning About Cryptocurrencies, Crypto Payments

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Bank Of Kyrgyzstan Issues Warning About Cryptocurrencies, Crypto Payments

Amid the growing popularity of cryptocurrencies in Kyrgyzstan, the country’s central bank has reminded citizens about the risks associated with the digital assets. The monetary authority also warned that crypto payments are illegal in the Kyrgyz Republic.

National Bank of Kyrgyzstan Urges Caution With Cryptocurrency

Cryptocurrencies and other virtual assets are increasingly spreading in Kyrgyzstan, the nation’s central bank recently noted. The regulator reminded that using them to buy or sell goods and services is still against the law, with the Kyrgyzstani som remaining the only legal tender in the country.

Quoted by local media, the monetary authority also issued a warning regarding the risks linked to decentralized digital currencies. “No one, as a rule, is liable for cryptocurrency. It does not have financial support. It has no real value due to the fact that it is not tied to any currency or other asset,” it said.

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This creates high risks of exchange rate volatility and loss of value, the National Bank of Kyrgyzstan (NBK) elaborated. It also pointed to the risks with settlements in cryptocurrency, stemming from its features and the absence of a “controlling central body.” The NBK further stated:

Therefore, we recommend citizens to be prudent and refrain from using cryptocurrency for payments and settlements. Users assume all possible risks and negative consequences when making settlements using cryptocurrency and virtual assets.

The authority’s statement comes after the central bank of neighboring Kazakhstan announced last week it’s examining the crypto market while emphasizing it’s too early to talk about legalization of cryptocurrencies like bitcoin.

Central Asia, where the two countries are situated, attracted crypto businesses last year, especially miners after China started cracking down on the industry in May, 2021. Both nations have since tried to limit mining by shutting down illegal crypto farms and raising electricity rates for authorized mining enterprises. Miners have been blamed for power shortages and damage to the electricity networks.

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Bank, central asia, Central Bank, Crypto, Cryptocurrencies, Cryptocurrency, Kazakhstan, Kyrgyzstan, legal tender, means of payment, national bank, Payments, Settlements, Warning

Do you expect the National Bank of Kyrgyzstan to change its policy towards cryptocurrencies in the future? Tell us in the comments section below.

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Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

Advertisement

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Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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