The authority responsible for overseeing cryptography in Uzbekistan has determined the order of issuance and circulation of digital assets in the country. The main reason for the move is to establish a mechanism that would allow local businesses to attract capital through coins and tokens.
Uzbek government to regulate investments in digital assets
The National Agency for Prospect Projects (NAPP), under the leadership of the President of Uzbekistan, has published new regulations on the procedures for issuing, registering and circulating crypto assets in the nation of Central Asia.
The document provides basic legal definitions for crypto assets and distinguishes between different types. It introduces requirements for crypto issuers, custodians and custodians and determines their obligations, including those regarding client relationships.
The authority also 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.
Crypto custodians will be responsible for providing services for the issuance, registration, circulation and storage of crypto assets. Issuers can use them or use other electronic platforms, NAPP said, stressing that the face value of coins should only be expressed in the national fiat, the Uzbek som.
The agency stressed that issuing unsecured tokens is prohibited. The use of words such as “state”, “state-secured”, “state-backed”, “Uzbekistan”, “Uzbekistan”, “national”, and “som” in the names of cryptos is prohibited. The regulator also clarified:
The main purpose of adopting this document is to create a new mechanism for business entities to attract investment and grow their business by issuing and registering the issuance of secure tokens.
The NAPP further warned against any unauthorized activity related to the circulation of crypto assets in the country or the use of services by providers who have not obtained a license to offer them. The same goes for companies involved in cryptocurrency mining.
Uzbekistan has taken steps towards full regulation of its crypto industry with several decrees signed by President Shavkat Mirziyoyev and resolutions by the National Perspective Projects Agency. The country recently authorized two companies to provide exchange services.
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