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Government officials of Uzbekistan are narrowing down the crypto ban in their country by circling the digital trading platforms as some of the platforms are not properly registered or legally authorized for trading purposes by the state’s law. Government officials have confirmed that there is a list of crypto trading platforms that have the license for entertaining the clients with their crypto-currency services but at the same time there lies a considerable number of platforms which are not registered and hence are prohibited by Uzbek officials to channelize their services anymore.

In a recent statement released by Gleb Kostarev, the chief operations of Binance’s Eastern Europe has shared agenda that how Uzbekistan is planning to widen the crypto ban over FTX, Bybit, Huobi and a few other crypto exchanges. He ensured that the purpose of this ban is not to create a mess but to distinguish between licensed and unlicensed crypto exchanges in order to save users from any trouble.

It is important to note that Uzbekistan has only one single authorized crypto exchange so far named “Uznex” which was launched by Kobea Group back in January 2020.

Uzbekistan Demands Crypto Market to Obey the State’s Law

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Uzbekistan is channelizing the set of rules and regulations regarding the crypto market as the intentions are to carve out a proper policy for crypto users. Recently, Uzbekistan’s NAPP (The National Agency of Prospective Projects) has recorded a sudden increase in the number of crypto platforms growing out in the country without any proper license.

Keeping such chaos in prospect the government officials have now strictly advised the crypto users and exchanges to abide by the rules and regulations carved out by the Uzbek government. And, so discouraged and warned unauthorized platforms to immediately cease the illegal crypto transactions. Moreover, government also mentioned in the declaration that unauthorized crypto exchanges currently working in the country are intensifying the circumstances for Uzbekistan.

 Uzbek Warns Crypto-exchanges to Get Registered First

Since 2018, Uzbekistan is offering crypto services to its nationals but also putting its efforts to ensure the perfect and strategic framework for crypto users which abides by the state’s law.

The recent advancement has been made by the officials show the commitment and persistency of the lawmakers of the state which alarms the crypto exchanges like Huobi, Bybit, FTX and a few other exchanges working in Uzbekistan to get the license as soon as possible to avoid any trouble. It is made clear that by the very beginning of 2023 only licensed crypto exchanges would be allowed to operate in the country.

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Nathan Ferguson

By Nathan Ferguson

Nathan Ferguson is a talented crypto analyst and writer at Herald Sheets, dedicated to delivering comprehensive news and insights on the ever-evolving digital currency landscape. With a strong background in finance and technology, Nathan's expertise shines through in his well-researched articles and thought-provoking analysis. He holds a degree in Economics from the University of Chicago, and his passion for cryptocurrency drives him to stay up-to-date with the latest industry trends and developments.