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    Uzbekistan

    NAAP grants license to Uzbekistan's first cryptodepository

    NAAP grants license to Uzbekistan's first cryptodepository

    Source: freepik

    Uzbekistan registers First Cryptodepository as part of its National Agency for Advanced Projects (NAAP), Spot.uz reports with reference to NAAP website.

    Lockton Hub, based in Tashkent and partnered with Distributed Lab, has obtained the license to operate the country's first cryptodepository. The company, founded by Lockton Solution LLC-FZ from the UAE, was established in May this year with a registered capital of $1000 USD.

    Cryptodepositories, according to NAAP's definition, provide platforms or technical software for issuing crypto assets, conducting initial coin offerings (ICOs), and storage services. The licensing process for cryptocurrency exchanges and other providers of crypto asset services was approved in August 2022. Only resident entities with the appropriate license are permitted to offer cryptodepository services in Uzbekistan.

    Under the regulations, service providers are required to host their servers within Uzbekistan and retain transaction records for a period of 5 years. The founders of these entities must not include offshore firms or individuals with unresolved convictions related to economic crimes, corruption, or cybercrimes.

    25.06.2023, 01:07   Comments (0)   1989
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