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Uzbekistan Approves Rules for Issuance and Circulation of Crypto Assets – Regulation 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, released a new regulation on the procedures for the issuance, registration and release into circulation of crypto-assets in the Central Asian Nation.

The document provides basic legal definitions for crypto-assets and distinguishes between the different types. It sets requirements for crypto issuers, custodians and custodians and determines their obligations, including those regarding relationships with clients.

The authority also approved rules for establishing and maintaining an electronic registry of crypto-assets and adopted accounting standards for the rights attached to them and those of their holders.

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

The agency emphasized that the issuance of unsecured tokens is prohibited. The use of words such as “state”, “state-secured”, “state-supported”, “Uzbekistan”, “Uzbeks”, “national” and “sum” in the names of the cryptos is prohibited. The regulator also explained:

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 through the issuance and registration of the issue of secure tokens.

The NAPP further warned against any unauthorized activities 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 firms involved in cryptocurrency mining.

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

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

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Lubomir Tassev

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

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