In 2022, Uzbekistan entered a new phase in the development of its cryptocurrency industry with the signing of Decree No. DP-121 by the President on April 27, 2022. This decree, which introduced amendments and additions to existing regulations, marked a significant shift in the supervision of the cryptocurrency turnover sphere, NAPP reports.
Among the notable changes outlined in the document were the categorization of service providers, including cryptocurrency exchanges, mining pools, cryptocurrency depositories, and cryptocurrency stores.
The institutional landscape of the national cryptocurrency market has been on a continuous expansion trajectory. Initially, at the beginning of 2022, only one cryptocurrency exchange was operational in Uzbekistan. However, by the close of the same year, four additional cryptocurrency stores had secured licenses to operate.
The momentum carried into 2023, with the issuance of nine licenses to service providers in the crypto-asset turnover sphere. This included one cryptocurrency exchange, two cryptocurrency depositories, and six cryptocurrency stores.
Presently, the number of service providers in the crypto-asset turnover sphere in Uzbekistan stands at fourteen, encompassing two cryptocurrency exchanges, two cryptocurrency depositories, and ten cryptocurrency stores.
The National Agency of Perspective Projects is actively engaged in fostering a conducive environment for service providers in the cryptocurrency sector. Their efforts involve the development and implementation of advanced legal regulation methods aimed at maximizing the benefits of crypto-assets within the Republic of Uzbekistan's economy.
Earlier, it was reported that the National Agency for Advanced Projects (NAPP) of Uzbekistan has imposed a fine on the Binance crypto exchange, one of the world’s largest cryptocurrency exchanges.
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