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The previous Minister of Overseas Affairs of Uzbekistan tweeted that the Nationwide Company for Perspective Tasks (NAPP) of the Republic of Uzbekistan has issued a brand new regulatory license to ramp up crypto-related actions within the nation.

The recipient of the newest license is LLP Cost Crypto, a subsidiary of UZPAYNET LLC, and the corporate liable for the Paynet Cost system.

With this announcement, Uzbekistan has given voice to its need to extend the crypto adoption charge within the area and create a crypto-friendly setting that aligns with the nation’s rules.

This information comes after a declaration by Uzbekistan in November 2022 that from January 2023, solely licensed cryptocurrency corporations can be allowed to function within the nation.

Throughout that point, Uzbekistan issued two crypto licenses to native crypto shops – Crypto Commerce NET LLC and Crypto Market LLC.

Based mostly in Tashkent, each crypto shops are working underneath single founders. Kamolitdin Nuritidinov is the only founding father of Crypto Market, and Crypto Commerce NET’s single founder is Behzod Achilov.

2022 Noticed Uzbekistan Adopting Particular Crypto Framework

Uzbekistan turned one of many first international locations to progress with crypto rules by introducing a particular crypto framework in 2022.

Signed by Uzbek President Shavkat Mirzyoyev, the new decree instructed the reorganization of the Nationwide Company for Venture Administration into the Nationwide Company of Perspective Tasks.

With the decree, the newly shaped NAPP is liable for introducing a variety of crypto regulations-related tasks to carry a couple of “particular crypto regulation regime” within the nation.

Required to develop and undertake a unified coverage for crypto, NAPP can be liable for making certain investor safety and introducing measures to fight unlawful actions tied to crypto buying and selling and mining corporations.

Since rising, NAPP has established authorized situations for entities that depend on blockchain tech and is liable for issuing the license required to function as a crypto buying and selling agency within the area, which additionally requires the agency to pay a number of state charges, together with a hard and fast private earnings tax of a hard and fast charge of seven.5%.

Uzbekistan’s latest progress towards crypto regulation highlights the adoption charge within the area. Latest stories point out that the younger inhabitants within the nation is extremely bullish about crypto. Crypto Adoption Rate confirmed that there are near 200,000 crypto traders within the area. 63.1% of these traders are from 25-34 years of age, and 33.8% belong to the demographic aged between 18-24.


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