Uzbekistan grants operating license to crypto service

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Paynet Crypto secures license in Uzbekistan, marking a positive shift in the nation’s crypto stance.

The former Minister of Foreign Affairs of Uzbekistan, Vladimir Norov, announced on Twitter that Paynet Crypto, a company behind Paynet payment system, had acquired a license to operate in the country.

Uzbekistan is trying to become a crypto-friendly region in Central Asia. However, the situation in the country hasn’t always been positive for the cryptoy industry.

In 2019, the National Agency for Project Management, ruled by the president of the Republic of Uzbekistan, banned cryptocurrency purchases in the country.

Later in 2021, the NAPM issued a report aiming to change the negative situation for the cryptocurrency industry in Uzbekistan by proposing several changes to the licensing process for crypto companies.

In November 2022, the financial watchdog granted two crypto licenses to Crypto Trade NET LLC and Crypto Market LLC.

From January 1, 2023, onwards, Uzbek citizens and companies are allowed to conduct transactions with only cryptocurrency exchanges that hold a valid crypto license.

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