The authority responsible for supervising digital currencies in Uzbekistan has determined the order for digital assets to be issued and traded in the country. The main reason behind this move is to create a mechanism that would allow local companies to attract capital through coins and tokens.
The government of Uzbekistan defines the regulation of digital asset investments
National Agency for Perspective Projects (NAPP), under the chairmanship of the President of Uzbekistan, a new regulation on the procedure for issuing, registering and issuing crypto assets in circulation in the Central Asian country.
The document provides basic legal definitions of cryptographic assets and distinguishes between different types. It introduces requirements for cryptocurrency issuers, depositors and custodians and outlines their obligations, including those related to customer relations.
The Authority also approved the rules for establishing and maintaining an electronic registry of crypto assets and adopted accounting standards for the rights associated with them and the rights of their holders.
Cryptocurrency depositories will be responsible for providing services for the issuance, registration, trading and storage of crypto assets. Exporters can use it or other online platforms, NAPP said, noting that the face value of the currencies should only be expressed in the national currency, the Uzbekistan som.
The agency emphasized that the issuance of unsecured tokens is prohibited. Words like “state”, “state-insured”, “state-backed”, “Uzbekistan”, “Uzbek”, “national” and “sum” are prohibited in the names of cryptocurrencies. The regulator also explained:
The main purpose of adopting this document is to create a new mechanism for business entities to attract investments and develop their activities through the issuance and registration of the issuance of secured tokens.
NAPP further warned against any unauthorized activities related to the trading of crypto assets in the country or the use of services by service providers who have not obtained a license to provide them. The same applies to companies involved in cryptocurrency mining.
Uzbekistan has taken steps towards comprehensive regulation of its crypto sector through several decrees Occurred By President Shavkat Mirziyoyev and decisions of the National Agency for Perspective Projects. country recently licensed Two companies to provide exchange services.
Do you think Uzbekistan will benefit from the new regulations adopted by the country’s cryptocurrency watchdog? Tell us in the comments section below.
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