Uzbekistan Approves Rules for Issuance and Circulation of Crypto Assets – Under the direction of the President of Uzbekistan, the National Agency of Perspective Projects (NAPP) has issued a new regulation governing the issuance, registration, and circulation of crypto assets in the Central Asian nation.
The document gives legal definitions for crypto assets and differentiates between the various types. It establishes the obligations of crypto issuers, depositaries, and custodians, including those pertaining to their relationships with customers. Additionally, the authority has approved rules for the establishment and maintenance of an electronic register of crypto assets and adopted accounting standards for the rights associated with them and those of their holders.
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The issuance, registration, circulation, and storage of crypto assets will be the responsibility of crypto depositories. The NAPP stated that issuers may use them or other electronic platforms, but the nominal value of the coins must be expressed only in the national currency, the Uzbekistani som.
The agency emphasized that the issuance of unsecured tokens is prohibited. Using words such as “state,” “state-secured,” “state-supported,” “Uzbekistan,” “Uzbek,” “national,” and “som” in the names of the cryptos is banned. The regulator also clarified: “The main purpose of the adoption of this document is to create a new mechanism for business entities to attract investments and develop their activities by issuing and registering the issue of secured tokens.”
The NAPP also cautioned against any unauthorized activities relating to the circulation of crypto assets in the country or the use of services by providers who have not obtained a license to provide them. The same holds true for cryptocurrency mining businesses.
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Several decrees signed by President Shavkat Mirziyoyev and resolutions issued by the National Agency for Prospective Projects indicate that Uzbekistan is moving toward a comprehensive regulation of its crypto sector. Two exchange service providers were recently granted licenses by the government.