Tashkent, Uzbekistan – KOBEA Group LLC’s license to operate Uzbekistan’s only cryptocurrency exchange has been renewed for an unlimited period.
The Korean Blockchain Entrepreneurs Association (KOBEA) owns and operates the UzNex exchange, which allows users to trade Bitcoin and Ether.
The unlimited extension to KOBEA’s operating license is unprecedented and cements UzNex’s leading position in Uzbekistan.
KOBEA initially signed a cooperation agreement with the National Agency for Prospective Projects (NAPP) to develop crypto opportunities in 2018. This deal was the brainchild of NAPP director Dmitriy Li, who signed KOBEA Group’s first operating license in 2019.
The KOBEA Group LLC is a subsidiary of South Korea-based KOBEA, which was founded by Charles Chang Yong Lee, a former mobile phone marketing executive who moved into the crypto industry to develop the Uzbekistan venture.
UzNex became Uzbekistan’s first digital trading platform in 2020 when it began with a soft launch. Initially, only foreign customers were allowed to buy crypto currencies through Uzbekistan but this changed in June 2022 when Uzbek citizens were permitted to join the crypto revolution.
The UzNex exchange has been fully operational since November 2022 and plans to expand its coin offerings beyond BTC and ETH.
UzNex was awarded a defacto monopoly in Uzbekistan in August 2022 when Dmitriy Li’s NAPP announced that it had blocked international cryptocurrency exchanges from operating in the country.
NAPP decreed that exchanges would be required to host servers in Uzbekistan and that personal data for Uzbek customers must be kept within the country. As an Uzbekistan-based operator, KOBEA met these criteria and was permitted to continue running UzNex while its competitors chose to leave the country.
Uzbekistan’s digital economy plans are being spearheaded by Dmitriy Li and the NAPP agency following a presidential proclamation in 2018.
KOBEA believes that South Korean companies are well placed to help NAPP develop crypto businesses in Uzbekistan. KOBEA has been able to develop its pioneering position in the Uzbek market because of the strong personal ties between founder Charles Chang Yong Lee and NAPP’s Dmitriy Li.
Mr Lee has said that he hopes KOBEA can help other Korean companies to move into the Uzbek market. “We hope our company serves as a foothold for Korean firms to expand their presence abroad,” he said.
Media Contact
Company Name: KOBEA Group LLC
Contact Person: Charles Chang Yong Lee
Email: Send Email
Address:107-B-UY, Amir Temur Street
City: Yunusabad
State: Tashkent
Country: Uzbekistan
Website: https://kobea.biz