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Former foreign minister announces the NAPP’s issuance of a license to Paynet Crypto LLC.

The regulator’s new move underscores Uzbekistan’s enthusiasm for embracing a new crypto regulatory framework.

In 2022, the country granted its first two crypto licenses to Crypto Trade Net LLC and Crypto Market LLC.

Vladimir Norov, the former Minister of Foreign Affairs of Uzbekistan shared a Twitter thread earlier today, announcing that the payment platform Paynet Crypto has acquired a license for its crypto activities. As per the tweet, The National Agency for Perspective Projects (NAPP) of the Republic of Uzbekistan has permitted a license for LLC Paynet Crypto, a subsidiary of UZPAYNET LLC, the company behind the Paynet payment system.

The National Agency for Promising Projects of the Republic of Uzbekistan

has issued licenses for the activities of the crypto store LLC "Paynet Crypto" – a subsidiary of LLC "Uzpaynet" and LLC "C-Base" (owner – Alikulov Alisher Zholbolduevich) pic.twitter.com/Iqw2rEB3oT — Vladimir Norov (@VladimirNorov) August 10, 2023

The announcement came in accordance with the Central Asian country’s endeavor towards establishing a crypto-friendly environment, compliant with the regulatory system. According to people familiar with the matter, the regulators issued a license for operating Paynet Crypto as part of the country’s enthusiasm for embracing cryptocurrency.

In November 2022, Uzbekistan’s crypto regulator NAPP approved the nation’s first crypto license for two local “crypto stores”, including Crypto Trade Net LLC and Crypto Market LLC. The license permitted the businesses to operate online and offline, encouraging the public to utilize crypto services.

The granting of licenses marks an important step towards adopting a new crypto regulatory framework this year. As per the statement released by the agency on November 17, the two crypto stores were expected to provide “easier access to buy or sell crypto assets”. The regulators also warned the public about the risk of depending on unlicensed crypto platforms, stating,

The agency urges citizens to be as vigilant as possible and not to use the services of electronic platforms that have not received a license to operate on the territory of the Republic of Uzbekistan in the prescribed manner.

Uzbekistan’s advances in crypto regulation underscore the nation’s growing interest in crypto, adding to the global adoption of digital currencies. Recent studies highlighted that countries across the world, especially in the African continent, have been showing a positive approach to virtual currencies.