Uzbekistan Approves Rules for Issuance and Circulation of Crypto Assets

The authorization liable for crypto oversight successful Uzbekistan has determined the bid of issuing and circulating integer assets successful the country. The main crushed down the determination is to found a mechanics that would let section companies to pull superior done coins and tokens.

Uzbekistan Government Sets Out to Regulate Digital Asset Investments

The National Agency of Perspective Projects (NAPP), nether the President of Uzbekistan, has released a caller regularisation connected the procedures for the issue, registration, and merchandise successful circulation of crypto assets successful the Central Asian Nation.

The papers provides basal ineligible definitions for crypto assets and makes favoritism betwixt the antithetic types. It introduces requirements for crypto issuers, depositaries and custodians and determines their obligations, including those concerning relations with customers.

The authorization has besides approved rules for the constitution and maintaining of an physics registry of crypto assets and adopted accounting standards for the rights associated with them and those of their holders.

Crypto depositories volition beryllium liable for providing services for the issuance, registration, circulation, and retention of crypto assets. Issuers tin usage them oregon different physics platforms, the NAPP said, pointing retired that the nominal worth of the coins indispensable beryllium expressed lone successful the nationalist fiat, the Uzbekistani som.

The bureau emphasized that the issuance of unsecured tokens is prohibited. Using words specified arsenic “state,” “state-secured,” “state-supported,” “Uzbekistan,” “Uzbek,” “national,” and “som” successful the names of the cryptos is banned. The regulator besides clarified:

The main intent of the adoption of this papers is to make a caller mechanics for concern entities to pull investments and make their activities by issuing and registering the contented of secured tokens.

The NAPP further warned against immoderate unauthorized activities related to the circulation of crypto assets successful the state oregon the usage of services by providers that person not obtained a licence to connection them. The aforesaid applies to firms progressive successful the mining of cryptocurrency.

Uzbekistan has been taking steps towards the broad regularisation of its crypto assemblage with respective decrees signed by President Shavkat Mirziyoyev and resolutions by the National Agency of Perspective Projects. The state precocious licensed 2 companies to supply speech services.

Do you deliberation Uzbekistanis volition payment from the caller regulations adopted by the country’s crypto watchdog? Tell america successful the comments conception below.

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