Binance, Huobi, Bybit and other leading cryptocurrency exchanges are reportedly in advanced talks to set up and license companies in Uzbekistan.
Major Cryptocurrency Exchanges Conduct Licensing and Company Formation Negotiations in Uzbekistan
This move came in response to the growing interest in cryptocurrencies within the country as nearly half a million citizens adopt digital assets.
The Uzbek government's stance on cryptocurrencies is increasingly open and welcoming, leading these global exchanges to seek expansion opportunities in the region.
Exchanges are in contact with local regulators and authorities to meet the requirements for operating within the country.
According to sources familiar with the matter, the number of cryptocurrency users in Uzbekistan has reached nearly half a million, which indicates a growing appetite for digital financial instruments.
This increase in adoption has prompted exchanges such as Binance, Huobi and Bybit to exploit the potential of the Uzbekistan market.
As part of their expansion plans, these exchanges are reportedly aiming to attract around 50,000 active users to their platform. The projected volume of transactions on a weekly basis is expected to vary between $25 million and $180 million.
This expansion reflects a broader trend of growing interest in cryptocurrencies in Central Asia.
Uzbekistan's move to embrace digital assets and foster an environment conducive to cryptocurrency exchanges demonstrates the region's recognition of the importance of emerging financial technologies.
*Not investment advice.
