Uzbekistan Issues its First License for Crypto Depository

The National Agency for Advanced Projects of Uzbekistan (NAPP) issued on June 21 the first license to Lockton Hub crypto depository, a subsidiary of UAE brokerage company Lockton Solution LLC-FZ and registered in the country’s capital city of Tashkent.

As defined by the laws of Uzbekistan, a crypto depository is a legal entity that operates an electronic platform for the issuance, initial placement and storage of digital assets.

Currently, Lockton and five other firms are listed on the NAPP registry with valid digital asset provider licenses, including Crypto Trade Net, Crypto Market, Crypto Express and Cryptopay, and the Kobea bitcoin exchange.

During 2022, the Uzbek authorities have implemented a variety of standards regulating the cryptocurrency market.

This includes the rules for the issuance and circulation of digital assets, as well as guidelines for the licensing and trading on crypto exchanges.

Miners and crypto-related service providers have also been required to pay monthly fees.

Additionally, in May, NAAPP registered the United Integrator – UZINFOCOM company as the first participant in the Special Regulatory Sandbox Regime, which will introduce blockchain-based NFT certificates to confirm ownership of names in the “.uz” domain zone.