First crypto exchange appears in Uzbekistan

Business Materials 23 December 2019 11:34 (UTC +04:00)
First crypto exchange appears in Uzbekistan

BAKU, Azerbaijan, Dec. 23

By Fakhri Vakilov-Trend:

The first license to carry out the activities of crypto exchanges was issued in Uzbekistan, Trend reports citing Uzbek media.

The National Agency for Project Management under the President of Uzbekistan issued the first license for the activities of the crypto exchanges of the Kobea Group company (South Korea).

Kobea Group is a technology company focused on the development of various solutions in the field of digital economy, including blockchain technology.

According to the report, the company intends to engage in crypto-exchange activities in compliance with all requirements of the national legislation of Uzbekistan in the field of crypto assets circulation, as well as international standards in the field of combating money laundering and terrorist financing.

In Uzbekistan, a crypto-exchange is an organization that provides an electronic platform for the exchange, purchase and sale of crypto assets. The crypto asset is a set of records in the blockchain, which has value and owner.

The turnover of crypto assets and crypto exchanges is not covered by the legislation on securities, exchanges and exchange activities. A license to operate crypto exchanges is issued exclusively to foreign legal entities through the opening of subsidiaries or other enterprises in Uzbekistan.

In early 2019, the Kobea Group signed a memorandum on the creation of the first Central Asian blockchain academy in Uzbekistan.


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