Uzbekistan Approves Rules for Issuance and Circulation of Crypto Assets – Regulation of Bitcoin News

The authority responsible for crypto supervision in Uzbekistan has determined the order of issuance and circulation of digital assets in the country. The main reason behind the move is to establish a mechanism that will allow local companies to attract capital through coins and tokens.

Uzbekistan’s government aims to regulate digital asset investments

The National Agency of Perspective Projects (NAPP), under the President of Uzbekistan, has issued a new regulation on the procedures for issuing, registering and releasing into circulation crypto-assets in the Central Asian nation.

The document provides basic legal definitions for cryptoassets and distinguishes between the different types. It introduces requirements for crypto issuers, custodians and custodians and sets out their obligations, including those relating to relationships with clients.

The authority has 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 their holders.

Crypto depositories will be responsible for providing services for the issuance, registration, circulation and storage of crypto assets. Issuers can use them or other electronic platforms, NAPP said, pointing out that the nominal value of the coins must only be expressed in the national fiat, Uzbekistani as.

The agency emphasized that the issuance of unsecured tokens is prohibited. It is forbidden to use words such as “state”, “state-secured”, “state-supported”, “Uzbekistan”, “Uzbek”, “national” and “like” in the names of the cryptos. The regulator also specified:

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 issuance of secured tokens.

NAPP further warned against any unauthorized activity related to the circulation of crypto-assets in the country or the use of services from providers who have not been licensed to offer them. The same applies to firms involved in cryptocurrency mining.

Uzbekistan has taken steps towards a comprehensive regulation of its crypto sector with several decrees signed by President Shavkat Mirziyoyev and resolutions of the National Agency of Perspective Projects. The country recently licensed two companies to provide exchange services.

Do you think Uzbeks will benefit from the new regulations adopted by the country’s crypto watchdog? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’ quote: “To be a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.