NAAP confirms compliance with all applicable local regulatory requirements and authorises the platform to provide services to Uzbekistani residents under a licenced framework.
Binance will operate in Uzbekistan on a crypto exchange licence issued to COINPAY LLC, with access through the entity’s official website, coinpay.uz. Users will be able to deposit and withdraw funds in the national currency through local payment systems, which greatly simplify the operations.
Its partnership with COINPAY LLC aims to build a regulated ecosystem for crypto assets in Uzbekistan, providing users with secure and compliant tools for cryptocurrency trading and investment.
Biance is committed to fully complying with local laws and regulations, and creating a safe environment that promotes the development of cryptocurrencies and blockchain technologies. The company also aims to expand its services globally.
Crypto assets are officially recognised and regulated in Uzbekistan, although they are not considered legal tender. Starting on January 1, 2023, residents of the Republic of Uzbekistan can engage in crypto transactions exclusively through domestic Crypto Asset Service Providers (CASPs). Only entities that are legally registered in Uzbekistan and have obtained the necessary licences are permitted to operate as CASPs. Domestically licenced CASPs enjoy access to banking services and straightforward fiat transactions related to their crypto activities.
NAPP, reporting directly to the President of Uzbekistan, is the primary government body that regulates and licences activities related to crypto assets, capital markets, insurance, and ecommerce, holding the authority to introduce new rules and regulations pertaining to this sector.
Its mission is to create a global standard market that protects investors and attracts capital to boost the economy and citizens' welfare. NAPP works with experts to adapt to global economic changes and promotes open dialogue with stakeholders, aiming to remove bureaucratic obstacles and address sector issues efficiently.
Aside from crypto, NAPP also serves as the regulator for the capital markets and insurance industry in the country.
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