In IQ24, the National Agency for Prospective Projects (NAPP) issued a total of 15 licenses that have been a great addition to the sector, generating over UZS 44 Billion ($3.5M) as a contribution from Uzbekistan crypto sector. Not only this, the state budget NAPP has stated that it has even helped in the creation of more than 72 jobs from 2022 – 2024.
Developments In Uzbekistan Crypto Sector
Additionally, many institutional and legislative developments have taken place in the crypto sector. To regulate the Uzbekistan crypto sector, on March 20, a new rule was introduced to regulate the mining pool activities and in fact, January 2024 saw the enactment of various measures to keep a check on illegal crypto asset activities and scams.
The Agency and Tether signed a Memorandum of Understanding (MoU) in March 2024 with the goal of creating blockchain technology, stable tokens, and asset tokenization. Through this partnership, Uzbekistan’s blockchain and crypto-asset literacy will be raised via the use of asset tokenization technology, improved legislative framework, and supported educational programs.
Uzbekistan Insurance Market
As of May 24, Uzbekistan Insurance Market consists of a total of 30 insurance companies, 25 general insurance companies, and 5 life insurance companies.
A total of UZS 2.2 trillion ($173.2 mn) in insurance premiums was collected; the insurance premium per person was UZS 59,900 ($4.7). The insurance premiums collected as a percentage of GDP were 0.9%. A total of UZS 6.1 trillion ($480.2 million) was invested in the economy by insurers, out of an authorized capital of UZS 2.3 trillion ($181 mn). With 8.7 million active contracts and insurance payments of UZS 566.6 bn ($44.6 mn), the insurers’ total assets came to UZS 9.9 trillion ($181 mn).
Developments In Uzbekistan’s Capital Market
Some key initiatives of Uzbekistan’s capital market include –
- Regulatory Sandbox: Facilitates foreign investment intermediaries’ recognition from 38 approved jurisdictions.
- Digital identification: Reduces paperwork by streamlining the sharing of client and broker information.
- Securities and Issuer: 197 trillion soums are in circulation across 673 issuers. Bonds worth 1.1 trillion soums were filed in 2024.
- Licensing and Investor Protection: 417 qualification certificates, 3 new licenses, and 5 copies were issued and 200 million through appeals for investor rights.
- The Modernization Project: Added automatic data transfer functionality to Openinfo. uz along with the introduction of a Telegram bot to provide instant access to issuer data.
Development In Electronic Commerce In Uzbekistan
The NAPP is currently in charge of e-commerce development and regulation as the outcome of a presidential decree. In 1Q24, the Agency convened several meetings with significant market participants and overseas investors. Prominent platforms including WeChat, AliPay, Wildberries, Ozon, Yandex, Uzum, and Zoodmall participated. These discussions aimed to solve the problems and obstacles that slow down the sector’s expansion.
That’s it for today, we’ll see you tomorrow with some even more exciting updates on the world of crypto, only at ReadingCrypto- your daily news portal.
Disclaimer: This post is intended solely for informational purposes and should not be taken as legal, tax, investment, financial, or any other form of advice. Although all the information provided is true to the best of our knowledge, it is advisable to research well before making any kind of investments or decisions in general. The team of ReadingCrypto bears no responsibility in the event of any adverse outcomes.
