Uzbekistan has taken steps to regulate and license cryptocurrency activities by issuing licenses to several crypto-related entities. The National Agency for Prospective Projects (NAPP) of Uzbekistan recently issued licenses to crypto-exchanges, crypto-depositories, and crypto-stores, marking a significant development in the country's cryptocurrency sector.

Among the licensed entities, COINPAY stands out as the second licensed crypto-exchange in Uzbekistan. COINPAY's license allows it to operate as a cryptocurrency trading platform. The license includes essential information such as the legal entity's name, organizational form, location, email address, and phone number.

Another noteworthy entity is LOCKTON HUB, which obtained a license as a crypto-depository. Crypto-depositories play a vital role in safeguarding and managing digital assets securely.

Additionally, several crypto-stores received licenses, including CRYPTO TRADE NET, CRYPTO MARKET, CRYPTO EXPRESS, and others. These licenses permit them to engage in cryptocurrency-related activities.

The issuance of these licenses is a significant step towards regulating the cryptocurrency sector in Uzbekistan. It brings transparency and legitimacy to cryptocurrency operations within the country and is expected to boost investor confidence and the growth of the digital asset market.

Cryptocurrency in Uzbekistan

Uzbekistan has formally authorized its residents to participate in digital currency trading through amendments to the "Regulation on Licensing Cryptocurrency Exchange Activities." These changes permit residents to buy, sell, and trade cryptocurrencies with their national currency on licensed exchanges, while non-residents can use foreign currencies.

The updated rules also define tokens and associated operations, allowing registered businesses to issue tokens for investment and funding. To ensure security, all tokens traded on Uzbek cryptocurrency exchanges must be asset-backed, with unsecured tokens strictly prohibited.

These changes reflect a shift in citizens' more considered and balanced approach to cryptocurrency investment, as noted by the National Agency for Project Management (NAPM). Crypto exchanges are now required to verify the security of organizations placing their tokens, and at least 10% of the planned amount to be raised must be held in a dedicated exchange account.

Earlier Daryo reported the National Agency for Advanced Projects (NAPP) has declared the cancellation of Asko-Vostok insurance company's license, becoming the fourth insurer in Uzbekistan to undergo this process in the last month.

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