A few months back, Uzbekistan officials made an announcement in regard to the new framework for cryptocurrencies.
The officials announced on November 17 that they will be introducing a new crypto framework that is due in 2023.
Uzbek Regulators are Issuing Crypto Licenses
It seems that the regulatory authorities in Uzbekistan have already decided that they will support the cryptocurrency industry.
As per the local reports, the regulators in Uzbekistan have already started issuing licenses for operations to local crypto platforms.
The regulatory authorities are approving the requests from the local cryptocurrency service providers and are letting them operate in the country.
With the regulatory approval, the firms will be able to allow the locals to buy, sell, trade, and swap cryptocurrencies. The locals in Uzbekistan will have access to crypto custody services.
The NAPP Issued the Licenses
The reports confirm that Uzbekistan’s National Agency for Perspective Projects (NAPP) is the entity that has issued the licenses.
The NAPP is the major watchdog in Uzbekistan tasked with streamlining the cryptocurrency industry and adoption in the country.
The recent issuances are the first-ever from the NAPP to any cryptocurrency service providers in the country. The local crypto service providers are referring to them as crypto licenses.
The Entities Issued with the Licenses
The NAPP also made an official announcement about issuing the license to the two companies publicly mentioning their names.
The regulator confirmed that the licenses have been issued to Crypto Market LLC and Crypto Trade NET LLC.
The announcement also confirmed that the licenses would allow the platforms to offer much more than online crypto trading and custodial services.
The companies will be able to open up their physical exchanges in the country that will be offline. Through these exchanges, the platforms will be able to sell and buy cryptocurrencies from the locals.
The users will be able to visit the exchanges physically and pay for their desired crypto in cash or via mobile phones. They could do the same when it comes to selling the crypto in their possession.
No Websites for Now
According to local sources, neither of the businesses issued with the operating licenses has launched their online websites.
It could mean that the exchanges are either not operational entirely or they are focusing on their physical operations.
New Crypto Framework from 2023
The Uzbek government has announced that the implementation of the new crypto framework will be put in place from January 1, 2023.
From the looks of it, Uzbekistan is going all-out in the adoption of cryptocurrencies. If that is the case, then the cryptocurrency industry would experience a boost right from the beginning of 2023.
It could prove to be a start for the cryptocurrency industry which it needs badly.