KEY TAKEAWAYS
- Binance partners with Uzbekistan’s NAPP to offer cryptocurrency services, expanding its global reach.
- Operating under COINPAY LLC’s license, Binance will enable local currency transactions, simplifying user access to crypto markets.
- This agreement highlights Binance’s commitment to regulatory compliance and fostering a secure crypto environment in Uzbekistan.
- NAPP aims to build a regulated crypto ecosystem, enhancing investor protection and economic growth in Uzbekistan.
Binance has reached an agreement with Uzbekistan’s National Agency of Perspective Projects (NAPP) to offer cryptocurrency services in the country. This development marks a significant step for Binance as it continues to expand its global footprint while adhering to local regulations.
Operating under a crypto exchange license issued to COINPAY LLC, Binance will facilitate user operations by enabling deposits and withdrawals in the national currency through local payment systems. This move is expected to simplify transactions for users in Uzbekistan, enhancing their access to cryptocurrency markets.
Commitment to Regulatory Compliance
The partnership with NAPP underscores Binance’s commitment to regulatory compliance and fostering a safe, innovative environment for the growth of the crypto industry in Uzbekistan. Kyrylo Khomyakov, Binance’s Regional Head for Central and Eastern Europe, Central Asia, and Africa, highlighted the importance of this agreement, stating that it demonstrates Binance’s dedication to working closely with local authorities to ensure full regulatory compliance.
He added that the agreement is a significant milestone for Binance, as it continues to contribute to the growth and development of the crypto industry in the region. The full announcement can be found here.
Building Uzbekistan’s Crypto-Asset Sector
The National Agency for Perspective Projects (NAPP) is a government body responsible for regulating and licensing activities related to crypto assets, capital markets, insurance, and e-commerce in Uzbekistan. Its mission is to create a market that protects investors and attracts capital to boost the economy and citizens’ welfare.
NAPP collaborates with experts to adapt to global economic changes and promotes open dialogue with stakeholders. This partnership with COINPAY LLC is seen as an important step in building a regulated ecosystem for crypto assets in Uzbekistan, providing users with secure and compliant tools for cryptocurrency trading and investment.
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