How CityPay Works
Crypto-assets have already become a full-fledged industry with an established legal framework.
Today, the crypto-asset sector in Uzbekistan is legal and officially regulated. Crypto assets have already become a fully developed industry with a legal framework, a specialized regulator, and a licensing system.
The legal foundation for the crypto industry was established in 2018.
On September 3, 2018, the President of the Republic of Uzbekistan, Shavkat Mirziyoyev, signed Resolution No. PP-3926 “On Measures for the Development of the Digital Economy in the Republic of Uzbekistan.”
This document:
-recognized crypto assets as part of a regulated sector,
-set the direction for the development of digital technologies,
-became the starting point for the formation of a legal crypto market.
Later, a specialized regulator was established in the country — the National Agency for Perspective Projects of the Republic of Uzbekistan.
Today the agency:
-issues licenses to market participants,
-sets requirements for companies,
-monitors compliance with legislation.
This means that the crypto-asset market in Uzbekistan operates according to established rules.
Licensing as a Key Element of the Market
In Uzbekistan, companies can operate with crypto assets only if they have a license from the regulator. The presence of a license confirms a company’s legal right to provide services related to the circulation of crypto assets within the territory of the Republic of Uzbekistan.
The CityPay crypto wallet operates in accordance with the current legislation of the Republic of Uzbekistan and the requirements of the regulator.
The company holds the following licenses:
-Crypto Depository
-Crypto Shop
For users, this means a transparent operating model and a clear regulatory status of the service.
The CityPay crypto wallet helps users:
-buy crypto assets,
-sell them,
-store them,
-receive transfers,
-send crypto assets to other users.
What This Means for Users
The emergence of a regulated market and licensed services is an important stage in the development of the country’s digital economy.
It allows users to:
-work with crypto assets legally,
-use official services,
-better understand how the market operates.
