Crypto Trade NET LLC and Crypto Market LLC become the first digital asset exchanges to receive an operating license from Uzbekistan amidst the government's plan to heighten industry monitoring.
In response to the rising cases of digital asset crime, Uzbekistan is conducting a series of training, which include blockchain analysis and how to seize digital assets from bad actors to fortify its cybersecurity.
Digital asset service providers in Uzbekistan may have their licenses revoked if they fail to settle a monthly operational fee under a new regulation imposed to prop up the government's budget.
At the time of writing, Uzbekistan has licensed only one known digital asset exchange: South Korea's UZNEX.
The guidelines set out definitions of digital currency terms, it also spelled out requirements and conditions for obtaining a mining permit and how the NAPP reached its decision to grant it.
The decree majorly orders that the National Agency for Project Management be restructured into a new entity that will be called the National Agency for Perspective Projects (NAPP).
The comments from Deputy Chairman Behzod Khamraev came after El Salvador adopted BTC as a legal tender, which led to significant protests and unrest in the country.
Feeling that crypto mining is draining their energy resources, Uzbekistan is making it much more costly to operate.
The decree states that an organization or individual providing an electronic platform for the exchange, purchase or sale of digital assets, will be recognized as an exchange in Uzbekistan.
Blockchain company Glosfer (CEO Taewon Kim) announced that it signed MoUs with Uzbekistan’s farm product distributor and the Small Businesses and Private Entrepreneurship’s Export Promotion Fund (EPF).
President Shavkat Mirziyoyev has tapped several government agencies to take charge of an initiative to develop a regulatory framework for cryptocurrency activities.
The government’s green-light plus its ultra-low energy costs is making the country an attractive place for cryptocurrency activities.
