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 <p>The former Minister of Foreign Affairs of Uzbekistan tweeted that the National Agency for Perspective Projects (NAPP) of the Republic of Uzbekistan has issued a new regulatory license to ramp up crypto-related activities in the country.</p> 
 <blockquote class="twitter-tweet" data-width="550" data-dnt="true"> 
  <p lang="en" dir="ltr">The National Agency for Promising Projects of the Republic of Uzbekistan<br>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</p> 
  <p>— Vladimir Norov (@VladimirNorov) August 10, 2023</p> 
 </blockquote> 
 <p></p> 
 <p>The recipient of the latest license is LLP Payment Crypto, a subsidiary of UZPAYNET LLC, and the company responsible for the Paynet Payment system.</p> 
 <p>With this announcement, Uzbekistan has given voice to its desire to increase the crypto adoption rate in the region and create a crypto-friendly environment that aligns with the country’s regulations.</p> 
 <p>This news comes after a declaration by Uzbekistan in November 2022 that from January 2023, only licensed cryptocurrency firms would be allowed to operate in the country.</p> 
 <p>During that time, Uzbekistan issued two crypto licenses to local crypto stores – Crypto Trade NET LLC and Crypto Market LLC.</p> 
 <p>Based in Tashkent, both crypto stores are operating under single founders. Kamolitdin Nuritidinov is the single founder of Crypto Market, and Crypto Trade NET’s single founder is Behzod Achilov.</p> 
 <h2 id="2022-saw-uzbekistan-adopting-special-crypto-framework">2022 Saw Uzbekistan Adopting Special Crypto Framework</h2> 
 <p>Uzbekistan became one of the first countries to progress with crypto regulations by introducing a special crypto framework in 2022.</p> 
 <p>Signed by Uzbek President Shavkat Mirzyoyev, the new decree instructed the reorganization of the National Agency for Project Management into the National Agency of Perspective Projects.</p> 
 <p>With the decree, the newly formed NAPP is responsible for introducing a wide range of crypto regulations-related projects to bring about a “special crypto regulation regime” in the country.</p> 
 <p>Required to develop and adopt a unified policy for crypto, NAPP is also responsible for ensuring investor protection and introducing measures to combat illegal activities tied to crypto trading and mining firms.</p> 
 <p>Since emerging, NAPP has established legal conditions for entities that rely on blockchain tech and is responsible for issuing the license required to operate as a crypto trading firm in the region, which also requires the firm to pay several state fees, including a fixed personal income tax of a fixed rate of 7.5%.</p> 
 <p>Uzbekistan’s recent progress toward crypto regulation highlights the adoption rate in the region. Recent reports indicate that the young population in the country is incredibly bullish about crypto.</p> 
 <p><img decoding="async" class="aligncenter size-full wp-image-428380" src="data:image/svg+xml,%3Csvg%20xmlns='//www.w3.org/2000/svg'%20viewBox='0%200%201519%201464'%3E%3C/svg%3E" alt="Start.io Crypto Adoption Rate" width="1519" height="1464" data-lazy-srcset="https://cdn.thebittimes.com/images/2023/08/10/672bd1d5c2d66459f82c28717f8ddd96.webp 1519w, https://cdn.thebittimes.com/images/2023/08/10/672bd1d5c2d66459f82c28717f8ddd96.webp 300w, https://cdn.thebittimes.com/images/2023/08/10/672bd1d5c2d66459f82c28717f8ddd96.webp 1024w, https://cdn.thebittimes.com/images/2023/08/10/672bd1d5c2d66459f82c28717f8ddd96.webp 768w" data-lazy-sizes="(max-width: 1519px) 100vw, 1519px" data-lazy-src="https://cdn.thebittimes.com/images/2023/08/10/672bd1d5c2d66459f82c28717f8ddd96.webp"> 
  <noscript> 
   <img decoding="async" class="aligncenter size-full wp-image-428380" src="https://cdn.thebittimes.com/images/2023/08/10/672bd1d5c2d66459f82c28717f8ddd96.webp" alt="Start.io Crypto Adoption Rate" width="1519" height="1464" srcset="https://cdn.thebittimes.com/images/2023/08/10/672bd1d5c2d66459f82c28717f8ddd96.webp 1519w, https://cdn.thebittimes.com/images/2023/08/10/672bd1d5c2d66459f82c28717f8ddd96.webp 300w, https://cdn.thebittimes.com/images/2023/08/10/672bd1d5c2d66459f82c28717f8ddd96.webp 1024w, https://cdn.thebittimes.com/images/2023/08/10/672bd1d5c2d66459f82c28717f8ddd96.webp 768w" sizes="(max-width: 1519px) 100vw, 1519px"> 
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 <p>Start.io showed that there are close to 200,000 crypto investors in the region. 63.1% of those investors are from 25-34 years of age, and 33.8% belong to the demographic aged between 18-24.</p> 
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Uzbekistan Issues New License, Signalling Increased Crypto Adoption in the Region

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