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    Uzbekistan

    Uzbekistan adopts comprehensive crypto regulations, spurs market growth

    Uzbekistan adopts comprehensive crypto regulations, spurs market growth

    In 2022, Uzbekistan embarked on a new phase in the evolution of its crypto industry, marked by significant regulatory changes outlined in the decree issued by the President of the Republic of Uzbekistan on April 27, 2022, under the reference UP-121, NAPP reports.

    Representations of cryptocurrencies Bitcoin, Ethereum, DogeCoin, Ripple, Litecoin are placed on PC motherboard in this illustration.
    Source: Reuters

    The document introduced amendments, recognized certain acts as invalid, and specifically outlined various types of service providers within the crypto-circulation domain, including crypto-exchanges, mining pools, crypto-depositories, and crypto-shops.

    This regulatory shift laid the groundwork for the expansion of the national crypto market's institutional structure. At the beginning of 2022, only one crypto exchange operated in Uzbekistan, but by the year's end, four additional crypto shops received licenses to operate. The momentum continued into 2023, with the issuance of nine licenses to operate service providers in the crypto-asset turnover sector. This included one crypto-exchange, two crypto-depositories, and six crypto-shops.

    As of now, Uzbekistan boasts a total of fourteen service providers in the field of crypto-asset turnover, comprising two crypto-exchanges, two crypto-depositories, and ten crypto-shops.

    Earlier, it was repoted that NAPP has published the draft order by its director regarding the approval of the rules for implementation of mining-money activities.

     

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    04.01.2024, 01:53   Comments (0)   3785
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