The authorities in charge of regulating cryptocurrencies in Uzbekistan have started issuing regulatory permits to local cryptocurrency service providers in preparation for the launch of a new cryptocurrency regulatory framework in the country in 2023.

According to a declaration that was made public on November 17, the National Agency for Perspective Projects (NAPP), which is the primary cryptocurrency market regulator in Uzbekistan, has granted the country's first cryptocurrency licenses.

In accordance with the terms of the licenses, two companies known as "cryptocurrency retailers," namely Crypto Trade NET LLC and Crypto Market LLC, are authorized to offer services related to digital currencies.

Tashkent is the location of both Crypto Trade NET and Crypto Market, as revealed by the details contained in the electronic license record maintained by the NAPP. According to the information, Kamolitdin Nuritdinov is both the sole creator of the Crypto Market and the sole shareholder in the business.

At the time this article was being written, it appeared that none of the platforms had an operational website.

According to the announcement, the NAPP has issued licenses to the two companies in accordance with the presidential decree that was published in April 2022 and outlined guidelines for the circulation of digital assets in Uzbekistan. These guidelines were established for the circulation of digital assets in Uzbekistan.

"The Agency Urges Citizens to Be as Vigilant as Possible and to Refrain from Utilizing the Services of Electronic Platforms That Have Not Obtained a License to Operate in the Republic of Uzbekistan in the Prescribed Manner" "The Agency Urges Citizens to Be as Vigilant as Possible and to Refuse to Utilize the Services of Electronic Platforms

The announcement comes after the government of Uzbekistan recently blocked access to a number of significant international cryptocurrency exchanges due to the fact that these exchanges did not possess a valid license to provide services related to cryptocurrency trading.

It appears that only cryptocurrency giants like Binance and Huobi were impacted by the block, and customers have reportedly been able to access the websites of these companies by using virtual private network (VPN) services.

To sum everything up
The newest licenses are being issued at the same time that Uzbekistan is making active preparations to develop a new regulatory framework for cryptocurrencies within the next few months. Beginning on January 1, 2023, the government of Uzbekistan will only allow cryptocurrency companies that have been authorized to offer their services to citizens of Uzbekistan.