Paynet Crypto

History

2023: Obtaining a license to operate crypto-depository

On November 13, 2023, the National Agency for Advanced Projects of the Republic of Uzbekistan (NAPP) announced the issuance of a license to Paynet Crypto (a subsidiary of Uzpaynet) to carry out the activities of the crypto depository. This enables Paynet Crypto to provide an electronic platform and technical tools for the release and storage of crypto assets.

The first license of this type in Uzbekistan in June 2023 was received by Lockton Hub, created in May of this year. Its founder is Lockton Solution LLC-FZ from the UAE, and the Distributed Lab organization acts as a technical partner.

NAPP announced the issuance of a license to Paynet Crypto to operate crypto depository

It is noted that both licenses were issued in accordance with the Regulation on the procedure for licensing the activities of service providers in the field of crypto asset turnover (reg. No. 3380 of August 15, 2022). Paynet Crypto and Lockton Hub can provide initial placement of crypto assets as crypto depositories. At the same time, Paynet Crypto in August 2023 also received a license to carry out the activities of a crypto store: this allows you to provide an electronic platform and (or) a set of technical and software tools for providing services for the purchase and sale of crypto assets.

As of 2023, NAPP is the single regulator for the development of the turnover of crypto assets in Uzbekistan. As the Sputnik resource notes, interest in crypto assets in Uzbekistan is constantly growing. By October 2023, more than 450 thousand residents of the country use such assets to one degree or another, and the republic itself is included in the Top 4 CIS countries in terms of their turnover. At the same time, in Uzbekistan, by the date under consideration, it is forbidden to use crypto assets as a means of payment or acceptance of payment. In addition, it is impossible to conduct operations with anonymous crypto assets and engage in hidden mining.^[1]

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