Paynet affiliate licensed to form Uzbekistan's second crypto depository

By Muzaffar Ismailov in Tashkent November 14, 2023

The National Agency for Advanced Projects (NAAP) has issued a Paynet affiliate a second licence to operate a crypto depository in Uzbekistan, the press service of the institution has announced.

On November 13, Paynet Crypto, a subsidiary of the Uzpaynet payment service, received a licence to create a crypto depository.

In June, the agency registered the first crypto depository in Uzbekistan. The licence was obtained by the order of the director of the NAAP on June 21 by the Lockton Hub registered in Tashkent. The technical partner was Distributed Lab.

The founder of the company was a firm from the UAE, Lockton Solution LLC-FZ.

Earlier this month, Coinpay received a NAAP licence and became the country's second crypto exchange. Before that, the only licensed crypto exchange in Uzbekistan was UzNEX.

NAAP approved the rules for licensing crypto exchanges in August 2022. Like other service providers in the field of crypto assets, they must host servers in Uzbekistan, store information about settlements for five years, and not engage in the circulation of anonymous tokens.

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