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

World Bank must wake up to Rogun mega dam “nightmare” in Tajikistan, say activists ahead of financing vote

The World Bank has to realise that the Rogun mega project “dream of the biggest dam [in the world] will turn into a nightmare for the people and nature in Tajikistan and beyond” and that it ... more

EBRD provides $10mn loan to TBC Bank Uzbekistan to empower micro, youth-led and women-owned businesses

The European Bank for Reconstruction and Development (EBRD) is providing a loan of up to $10mn (€9.1mn) to TBC Bank Uzbekistan (TBC UZ) to ... more

Uzbekistan aims for reform-driven GDP outcome of $200bn by 2030

Uzbekistan's government officials are talking about a new phase of governance, marked by transformative economic and social reforms. GDP has doubled over the past five years to surpass ... more

Dismiss