Uzbekistan’s authorities responsible for monitoring cryptocurrencies , the order of issuance and circulation of digital assets within the country. The main reason behind this move is to establish a mechanism through which local businesses can attract capital through coins and tokens.
Government of Uzbekistan launches regulation of digital asset investment
Under the President of Uzbekistan, the National Prospects Project Authority (NAPP) launched a new cryptocurrency Regulations on procedures for issuance, registration and distribution of assets.
This document provides a basic legal definition of crypto assets and distinguishes between different types. It introduces requirements for crypto issuers, depositaries, and custodians, and determines obligations, including those related to customer relationships.
The Authority also approved regulations for the establishment and maintenance of electronic registers for crypto-assets and adopted accounting standards for the rights associated with them and the rights of their holders.
Crypto custodians are responsible for providing services for the issuance, registration, distribution, and custody of crypto assets. Issuers can use those or other electronic platforms, NAPP said, noting that the nominal value of the coin must be expressed only in Uzbekistani som, the national legal tender.
Agencies emphasized that issuing insecure tokens is prohibited. The use of words such as “state”, “state protection”, “state support”, “Uzbekistan”, “Uzbek”, “citizens” and “som” in the names of cryptocurrencies is prohibited. The regulator also clarified that:
The primary purpose of the adoption of this document is the issuance and registration of secure tokens to allow entities to attract investment and reduce their activity. is to create new mechanisms for the development of
NAPP also issued a warning against fraudulent activity related to the distribution of crypto assets in the country and the use of services by unlicensed providers. The same applies to companies involved in cryptocurrency mining.
Uzbekistan is taking steps towards comprehensive regulation of the cryptocurrency sector with several decrees signed by President Shavkat Mirziyoyev and resolutions of the National Perspective Projects Authority. The country recently gave licenses to her two companies to provide exchange services.
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