A 21-year-old resident of the Naryn district in Namangan region, Uzbekistan, has been detained on suspicion of conducting illegal operations with crypto assets worth over 982 million Uzbek som. According to the regional Department of Internal Affairs, the violation was uncovered during operational and preventive measures.

Law enforcement authorities reported that the young man carried out digital currency transactions via the Binance platform without obtaining the necessary license. Investigative data indicates he conducted 119 operations with crypto assets, totaling 982.3 million som.

A criminal case has been initiated under paragraph “a” of part 3 of Article 278-8 of the Criminal Code of Uzbekistan, which stipulates liability for violations of legislation in the sphere of crypto asset circulation. Investigative actions are currently underway to gather further evidence and details.

Previously, it was reported that additional norms regulating the activities of crypto providers are planned to be introduced into Uzbek legislation. Specifically, a “motivated judgment” principle is proposed, which would allow the licensing authority to consider risk assessments when reviewing license applications. This incident highlights the ongoing efforts by Uzbek authorities to tighten regulatory oversight in the cryptocurrency sector amid growing global scrutiny.

Source: kun.uz