Uzbekistan has issued the first licenses to two cryptocurrency exchange service providers.

The National Agency for Promising Projects of Uzzbekistan has issued licenses for the activities of the crypto store of Crypto Trade NET LLC and Crypto Market LLC. They are designed to provide easier access to citizens in buying or selling crypto assets, according to the agency's website.

Uzbekistan is one of the few countries in the world with a well-formed regulatory framework for regulating the turnover of crypto assets. Crypto Trade NET and Crypto Market became the first crypto stores in the CIS and Central Asia, the report says.

According to the electronic register of NAPPA licenses, the headquarters of Crypto Trade NET and Crypto Market are located in Tashkent.

Earlier this year, President Shavkat Mirziyoyev expanded the regulatory framework by signing a decree that gives legal definitions of crypto assets, trading and mining. In addition, the government has introduced additional registration requirements for miners and monthly taxes for crypto enterprises.

Currently, there is one cryptocurrency exchange in Uzbekistan, the state-owned Uznex, and two new enterprises will operate as digital money exchangers or crypto shops in accordance with the legislation.

At the same time, the Agency urges citizens to be as vigilant as possible, beware and not use the services of electronic platforms that have not received a license to operate on the territory of the Republic of Uzbekistan in accordance with the established procedure.

Since January 1, 2023, citizens and legal entities of Uzbekistan can carry out transactions for the purchase, sale and (or) exchange of crypto assets exclusively through national service providers in accordance with the procedure established by legislative acts.

Uzbekistan is not the only country that is taking the first cryptocurrency initiatives today. A National Bitcoin Office has been established in El Salvador – a functionally and technically autonomous administrative unit within the presidential office.

The responsibilities of the office include conceptualization and dissemination of knowledge about bitcoin, blockchain and cryptocurrencies, support for global entrepreneurs and investors in this field who want to do business in El Salvador.

El Salvador was the first country to recognize bitcoin as legal tender in 2021. President Salvador Bukele announced a week ago that this Central American country would start buying one bitcoin a day.

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