Uzbekistan Issues First License For Cryptocurrency Exchanges Activities Implementation

The National Agency of Project Management in Uzbekistan announced earlier this week the first license for the implementation of cryptocurrency exchanges activities has been issued.

The organization reported that in accordance with the Decree of the President of the Republic of Uzbekistan dated September 2, 2018 No. PP-3926 “On measures to organize the activities of crypto-exchanges in Uzbekistan” dated December 20, 2019, Kobea Group (Republic of Korea) was granted the first license to conduct the crypto-exchanges activities issued by the authorized body in the sphere of turnover of crypto-assets.

According to the National Agency of Project Management, Kobea Group is a Korea based technology company focused on the development of various solutions in the digital economy, which includes blockchain technology. The organization added:

“According to the statement, the Company intends to engage in crypto-exchange activities in compliance with all requirements of the national legislation of the Republic of Uzbekistan in the sphere of turnover of crypto-assets, as well as international standards for combating money laundering and terrorist financing (FATF Recommendations and guidelines).”

The new license comes just a few weeks after National Agency for Project Management took part in the International Cooperation Forum on Digital Economy and Blockchain. The forum was reportedly held on the territory of the free economic zone Hainan, which hosted the first in China specialized pilot zone for development and implementation of innovative technologies (artificial intelligence, big data, Internet of things and blockchain) as well as further launch of promising projects, mainly in the real sector of economy (industry, agriculture and medicine). The organization added:

“As part of the delegation visit the working meetings with the management of special zones such as ‘Hainan Resort Software Community Group’, ‘Hainan Free Trade Zone Blockchain Pilot Zone,’ as well as representatives of such companies as Innovation Intelligence Union Group Company, Huobi Group, WeiZhongJie have been arranged. The delegation representatives also had the opportunities to familiarize with the activities of “Oxford-Hainan Blockchain Research Institute” and innovation high school ‘iSchool.’”

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