Paynet Crypto secures license in Uzbekistan, marking a optimistic shift within the nation’s crypto stance.
The previous Minister of Overseas Affairs of Uzbekistan, Vladimir Norov, introduced on Twitter that Paynet Crypto, an organization behind Paynet fee system, had acquired a license to function within the nation.
Uzbekistan is making an attempt to develop into a crypto-friendly area in Central Asia. Nevertheless, the scenario within the nation hasn’t all the time been optimistic for the cryptoy trade.
In 2019, the Nationwide Company for Undertaking Administration, dominated by the president of the Republic of Uzbekistan, banned cryptocurrency purchases within the nation.
Later in 2021, the NAPM issued a report aiming to alter the adverse scenario for the cryptocurrency trade in Uzbekistan by proposing a number of modifications to the licensing course of for crypto firms.
In November 2022, the monetary watchdog granted two crypto licenses to Crypto Commerce NET LLC and Crypto Market LLC.
From January 1, 2023, onwards, Uzbek residents and corporations are allowed to conduct transactions with solely cryptocurrency exchanges that maintain a legitimate crypto license.
