Uzbekistan Revises Licensing Procedures for Bitcoin Exchanges

The NAPP of Uzbekistan has amended the licensing procedures for service providers in the cryptocurrency sector.

Specifically, it requires an apostille or a notarized translation into the state language of a certificate obtained from a competent authority of a foreign country. Individuals wishing to offer services in the country’s cryptocurrency market must not have a criminal record.

Additionally, new grounds for license denial have been introduced.

For instance, in cases of systematic (two or more times within one year) or single gross violations of the requirements and conditions by the licensee, as well as when it is established that a license was obtained using forged documents.

The NAPP indicated that the changes are aimed at complying with the recommendations of the FATF.

The updated procedures will come into effect in May.

Earlier, Uzbek authorities approved criminal and administrative penalties for illegal activities related to the mining and use of cryptocurrencies. These will take effect on April 19.