Uzbekistan Issues New Regulatory License to Boost Crypto Activities
The former Minister of Foreign Affairs of Uzbekistan, Vladimir Norov, announced on Twitter that the National Agency for Perspective Projects (NAPP) has issued a new regulatory license to LLP Payment Crypto, a subsidiary of UZPAYNET LLC. This move signals Uzbekistan’s intention to increase crypto adoption and create a favorable environment aligned with the country’s regulations. Previously, Uzbekistan had declared that only licensed cryptocurrency firms would be allowed to operate in the country since January 2023. Two licenses were already issued to local crypto stores in 2022. The NAPP is responsible for implementing a specialized crypto regulation regime and ensuring investor protection.
Key Points:
- The National Agency for Perspective Projects (NAPP) has issued a new regulatory license to LLP Payment Crypto, a subsidiary of UZPAYNET LLC.
- This signifies Uzbekistan’s aim to increase crypto adoption and create a crypto-friendly environment.
- In 2022, Uzbekistan introduced a special crypto framework and issued licenses to two local crypto stores.
- The NAPP is responsible for implementing a specialized crypto regulation regime and protecting investors.
- Uzbekistan has a growing number of crypto investors, particularly among the young population.
Uzbekistan’s Progress in Crypto Regulation
In 2022, Uzbekistan introduced a special crypto framework and established the National Agency for Perspective Projects (NAPP) to regulate crypto-related activities. The NAPP is responsible for developing and adopting a unified policy for crypto and ensuring investor protection. It has issued licenses to licensed cryptocurrency firms and requires them to pay state fees, including a fixed personal income tax. This recent regulatory license issuance demonstrates Uzbekistan’s commitment to creating a supportive environment for crypto activities.
Uzbekistan’s Growing Crypto Adoption
Uzbekistan’s progress in crypto regulation is a reflection of the country’s growing crypto adoption. Reports indicate that there are nearly 200,000 crypto investors in the region, with a significant percentage belonging to the young population. The enthusiasm for crypto among the young demographic highlights the potential for further growth and development in the country’s crypto landscape.
Hot Take: Uzbekistan’s proactive approach to crypto regulation and the issuance of new licenses demonstrate the country’s commitment to creating a favorable environment for crypto activities. With a growing number of crypto investors, particularly among the young population, Uzbekistan has the potential to become a significant player in the global crypto market.
Insa’s extensive background in the financial realm encompasses roles as a writer, trader, and personal finance coach. Her proficiency spans a wide spectrum, ranging from commodities and indices to forex and cryptocurrencies.Insa’s specialization lies in furnishing strategic investment advice tailored to the fintech investment niche.
