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.

Related Articles

Shadowy Russia firm reportedly switches 60% stake in Uzbek gas storage facility to Hong Kong entity as Tashkent reacts to sanctions jitters

A shadowy Russian company has transferred its controlling stake in Uzbekistan's largest underground gas storage facility to a Hong Kong-registered holding company as Tashkent moves to prevent ... more

Kazakhstan and Uzbekistan’s combined IT exports surpass $800mn

Kazakhstan and Uzbekistan’s combined IT exports surpassed $800mn in 2023. The Kazakh IT sector's export revenue jumped from $50mn in 2020 to over $500mn last year. Astana Hub was a major ... more

Reconstruction of Afghanistan-Uzbekistan railway starts, ambition is to extend route to Pakistan

Engineers have commenced the $6.3mn and three-month reconstruction of the 75-kilometre (47-mile) cross-border railway line that links Uzbekistan and Afghanistan, ... more

Dismiss