The first license for the activity of crypto exchanges was issued in Uzbekistan

The first license for the activity of crypto exchanges was issued in Uzbekistan

The National Agency for Project Management under the President of the Republic of Uzbekistan issued the first license for the activity of crypto exchanges to the Kobea Group company (Republic of Korea), the Internet portal of the National Project Management Agency (NAPU) of Uzbekistan reports.

Kobea Group is a technology company focused on the development of various solutions in the field of digital economy, including blockchain technology.

In accordance with the statement, the company intends to engage in crypto exchange activities in compliance with all requirements of the national legislation of the Republic of Uzbekistan in the field of crypto assets circulation, as well as international standards in the field of combating money laundering and the financing of terrorism (FATF Recommendations and guidelines).

The document developed by NAPU regulates the general provisions for the functioning of crypto exchanges and the conduct of trading on them. In particular, it will not be possible to carry out an operation with assets if earlier transactions in them were anonymous. Bidding will take place on an electronic platform, to participate you must pass identification. Exchanges will oblige to keep at least five years of reports on the results of tenders and report crimes to law enforcement agencies.

NAPU believes that this order is a step towards the development of the digital economy in Uzbekistan. In particular, this will ensure the attraction of foreign investment in the country and additional income for commercial banks.

Cryptocurrency is a type of digital currency, the accounting of internal payment units of which is provided by a decentralized payment system (there is no internal or external administrator or any analogue of it), working in a fully automatic mode.

The term “cryptocurrency” was first discussed in 2011, starting with the publication of Forbes magazine. Since then, the name has become firmly established and is applied to coins (cryptocoins) that do not have expression in the form of paper banknotes or coins made of metal. This kind of money exists exclusively in the digital space.