The authority responsible for the supervision of cryptocurrencies 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 allows local businesses to attract capital through coins and tokens.
The government of Uzbekistan is set to regulate investments in digital assets
The National Agency for Perspective Projects (NAP), under the presidency of Uzbekistan, has published a new regulation on the procedures for the issuance, registration and circulation of crypto assets in the Central Asian nation.
The document provides basic legal definitions for crypto assets and makes a distinction between the different types. It introduces requirements for issuers, depositories and custodians of cryptocurrencies and determines their obligations, including those related to customer relations.
The authority has also approved standards for the establishment and maintenance of an electronic registry of crypto assets and has adopted accounting standards for the rights associated with them and those of their holders.
The crypto-deposits will be in charge of providing the issuance, registration, circulation and storage services of the crypto-assets. Issuers can use them or other electronic platforms, NAPP said, noting that the face value of the coins should be expressed only in the national fiat, the Uzbek som.
The agency emphasized that the issuance of unsecured tokens is prohibited. It is prohibited to use words such as “state”, “state-insured”, “state-supported”, “Uzbekistan”, “Uzbek”, “national”, and “som” in the names of cryptocurrencies. The regulator also clarified:
The main purpose of adopting this document is to create a new mechanism for business entities to attract investment and develop their activities by issuing and registering the issuance of collateralized tokens.
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 applies to companies involved in mining cryptocurrency.
Uzbekistan has been taking steps towards comprehensive regulation of its crypto sector with various decrees signed by President Shavkat Mirziyoyev and resolutions of the National Agency for Perspective Projects. the country recently with licence two companies to provide exchange services.
Do you think Uzbekistans will benefit from the new regulations adopted by the country’s cryptocurrency watchdog? Tell us in the comment section below.
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