The National Agency for promising projects of the Republic of Uzbekistan (NAPP) authorized Biance, an actor in the cryptography industry, to offer services in the country.
NAAP confirms compliance with all applicable local regulatory requirements and authorizes the platform to provide services to Uzbeks residents as part of a license.
Biance enters the cryptography market in Uzbekistan
Binance will operate in Uzbekistan on a crypto exchange license delivered to CoinPay LLC, with access via the official website of the entity, CoinPay.uz. Users will be able to deposit and collect funds in the national currency via local payment systems, which will greatly simplify operations.
Its partnership with CoinPay LLC aims to create a regulated ecosystem for cryptographic assets in Uzbekistan, providing users with secure and compliant tools for trading and investment of cryptomonia.
Biance undertakes to fully comply with local laws and regulations and create a safe environment that promotes the development of cryptocurrencies and blockchain technologies. The company also aims to extend its services worldwide.
NAPP details
Cryptographic active are officially recognized and regulated in Uzbekistan, although they do not have legal lessons. From January 1, 2023, residents of the Republic of Uzbekistan can perform cryptographic transactions exclusively through national cryptographic asset service providers (CASP). Only the legally recorded entities in Uzbekistan and having obtained the necessary licenses are authorized to operate as CASP. Approved CASP at the national level benefit from access to banking services and simple fiduciary transactions linked to their cryptography activities.
NAPP, directly falling under the president of Uzbekistan, is the main governmental body that regulates and authorizes activities related to cryptographic assets, capital markets, insurance and electronic commerce, holding the power to introduce new rules and regulations relating to this sector.
Its mission is to create a standard global market that protects investors and attracts capital to stimulate the economy and well-being of citizens. NAPP works with experts to adapt to global economic changes and promotes an open dialogue with stakeholders, in order to remove bureaucratic obstacles and effectively solve sectoral problems.
In addition to cryptography, NAPP also serves as a regulator for capital markets and the country’s insurance sector.
