The UzNEX crypto exchange, operated by South Korean company Kobea Group, has launched the official purchase and sale of TON (The Open Network) cryptocurrency . Users in Uzbekistan can now trade TON without concerns over legal consequences.
The current price of 1 TON is UZS58,000-UZS 59,000 ($4.60). UzNEX representatives stated that the withdrawal of TON and other crypto assets will be possible starting next week. At present, the exchange is only accessible via PC through the Google Chrome browser, with a mobile application under development.
UzNEX, which began operations in late 2019, supports trading in 15 cryptocurrencies, including Bitcoin (BTC). The introduction of TON to the platform adds another option for users in the country.
TON is a blockchain initially developed by Telegram, led by Pavel and Nikolay Durov. In 2020, due to regulatory issues, Telegram handed the project to an independent developer community.
As of March 2024, TON ranks 12th on CoinMarketCap with a market capitalization of $15bn. The supply of the cryptocurrency is 3.4bn coins out of a total of 5.1bn. The value of TON has risen from $0.39 per coin in 2021 to its current price.
Cryptocurrency in Uzbekistan
Uzbekistan has become an active player in the global cryptocurrency market, supported by a growing digital economy and increasing interest in digital assets. Between 2018 and 2020, the number of crypto users in the country rose by over 300%. President Shavkat Mirziyoyev has expressed plans to turn Uzbekistan into a key regional center for cryptocurrency, similar to the UAE's role in the sector. From 2022 to 2024, the industry contributed over $3.5 million to the state budget and created more than 72 jobs.
The demand for cryptocurrencies in Uzbekistan is driving economic growth, with the National Agency for Prospective Projects (NAPP) labeling the sector as profitable. In March, NAPP raised fees for industry participants, with cryptocurrency exchanges now contributing about $20,000 monthly to the state budget and crypto shops paying around $5,000. These fees are expected to generate over $1mn annually.
Entrepreneurs, startups, and small businesses are becoming more involved in the crypto sector. The ecosystem is expanding with the rise of fintech companies, blockchain developers, and exchanges, contributing to job creation and technological advancement. By the end of 2022, Uzbekistan had licensed 14 crypto service providers, including exchanges, depositories, and crypto shops.
Cryptocurrency adoption could also improve financial inclusion, especially in rural areas with limited banking services. Digital currencies provide a way for unbanked individuals to participate in the financial system, potentially reducing poverty and supporting the national economy by lowering cross-border transaction costs.
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