rewrite this title Binance Secures Regulatory Approval to Operate in Uzbekistan – Crypto-News.net

Key Takeaways:

Binance has gained approval to operate in Uzbekistan under crypto exchange license CE#0004, partnering with COINPAY LLC to ensure regulatory compliance.Services will be accessible via coinpay.uz, offering secure deposits and withdrawals in the national currency through local payment systems.This collaboration strengthens Uzbekistan’s regulated crypto ecosystem, fostering blockchain adoption and innovation in the region.

Binance, one of the world’s leading cryptocurrency exchanges, has received authorization to operate in Uzbekistan through an agreement with the country’s National Agency of Perspective Projects (NAPP). The partnership ensures that Binance complies with local regulations while providing services to Uzbekistani residents under a licensed framework.

The exchange will operate under crypto exchange license No. CE#0004 issued to COINPAY LLC, a local entity. Services will be accessible via coinpay.uz, where users can deposit and withdraw funds in the national currency using local payment systems. Notably, this integration aims to streamline crypto operations for residents, enhancing accessibility and convenience.

Kyrylo Khomyakov, Binance’s Regional Head for Central and Eastern Europe, Central Asia, and Africa, emphasized the milestone’s significance. “Reaching an agreement with Uzbekistan’s regulator highlights our dedication to full regulatory compliance and fostering a safe, innovative environment for cryptocurrencies globally,” he said.

Binance: Supporting Regulatory Compliance

The authorization reflects Binance’s commitment to adhering to local laws across its global operations. The platform aims to establish a secure, regulated environment that promotes cryptocurrency adoption and development.

NAPP, the regulatory body overseeing Uzbekistan’s crypto-asset sector, plays a pivotal role in ensuring compliance and fostering innovation. Reporting directly to the President, the agency regulates activities related to crypto assets, capital markets, and e-commerce. It aims to create a globally competitive market that attracts investment, protects consumers, and boosts the national economy.

“Uzbekistan’s efforts to adapt to global economic changes and engage stakeholders through open dialogue make it a progressive player in the crypto industry,” added Khomyakov.

Building a Regulated Ecosystem

This collaboration marks a significant step toward building a regulated crypto ecosystem in Uzbekistan. The partnership between Binance and COINPAY LLC aims to equip users with secure and compliant tools for cryptocurrency trading and investment, aligning with NAPP’s mission to enhance the country’s digital economy.

As Binance continues to expand its presence in Central Asia, the company is poised to contribute to the growth of blockchain technology and the broader cryptocurrency sector in Uzbekistan.