Uzbekistan Approves Regulations For Issuing And Circulation Of Crypto Assets

The President of Uzbekistan’s National Agency of Perspective Projects (NAPP) has issued new legislation on the processes for the issue, registration, and release into circulation of crypto assets in the Central Asian country.

The document gives fundamental legal definitions for crypto assets and differentiates between them. It establishes rules for crypto issuers, depositaries, and custodians, as well as their duties, particularly those relating to client interactions.

The agency highlighted that the issuing of insecure tokens is forbidden. The use of phrases like “state,” “state-secured,” “state-supported,” “Uzbekistan,” “Uzbek,” “national,” and “som” in the names of cryptos is prohibited.

Crypto depositories will be in charge of providing services for the issue, registration, circulation, and storage of crypto assets. The NAPP stated that issuers can utilize these or other electronic platforms but that the nominal value of the coins must be indicated solely in Uzbekistani some.

The NAPP advised against any illicit activity involving the circulation of crypto assets in the nation or the usage of services by providers who do not have a license to deliver them. The same is true for crypto mining companies.

It 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.

The Uzbek regulators have begun awarding regulatory licenses to regional bitcoin service providers as they get ready for the country to implement a new cryptocurrency framework in 2023. According to the release, the NAPP has granted licenses to the two companies by the presidential decree that established guidelines for the circulation of digital assets in Uzbekistan and was published in April 2022.

The regulatory framework was expanded earlier this year by a decree issued by President Shavkat Mirziyoyev that gave legal definitions for cryptocurrency assets, trade, and mining. Additionally, the government introduced monthly fees for cryptocurrency businesses and new registration requirements for miners.

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