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Uzbekistan Approves Rules for Issuance and Circulation of Crypto Assets – Regulation Bitcoin News

The authority accountable for crypto oversight in Uzbekistan has decided the order of issuing and circulating digital property within the nation. The predominant motive behind the transfer is to ascertain a mechanism that might enable native firms to draw capital by cash and tokens.

Uzbekistan Government Sets Out to Regulate Digital Asset Investments

The National Agency of Perspective Projects (NAPP), underneath the President of Uzbekistan, has launched a brand new regulation on the procedures for the difficulty, registration, and launch in circulation of crypto property within the Central Asian Nation.

The doc supplies primary authorized definitions for crypto property and makes distinction between the different sorts. It introduces necessities for crypto issuers, depositaries and custodians and determines their obligations, together with these regarding relations with clients.

The authority has additionally permitted guidelines for the institution and sustaining of an digital register of crypto property and adopted accounting requirements for the rights related to them and these of their holders.

Crypto depositories will probably be accountable for offering providers for the issuance, registration, circulation, and storage of crypto property. Issuers can use them or different digital platforms, the NAPP mentioned, stating that the nominal worth of the cash have to be expressed solely within the nationwide fiat, the Uzbekistani som.

The company emphasised that the issuance of unsecured tokens is prohibited. Using phrases reminiscent of “state,” “state-secured,” “state-supported,” “Uzbekistan,” “Uzbek,” “national,” and “som” within the names of the cryptos is banned. The regulator additionally clarified:

The predominant objective of the adoption of this doc is to create a brand new mechanism for business entities to draw investments and develop their actions by issuing and registering the difficulty of secured tokens.

The NAPP additional warned towards any unauthorized actions associated to the circulation of crypto property within the nation or the use of providers by suppliers that haven’t obtained a license to supply them. The identical applies to companies concerned within the mining of cryptocurrency.

Uzbekistan has been taking steps in direction of the excellent regulation of its crypto sector with a number of decrees signed by President Shavkat Mirziyoyev and resolutions by the National Agency of Perspective Projects. The nation just lately licensed two firms to supply change providers.

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company, capital, Circulation, Coins, Crypto, crypto property, Cryptocurrencies, Cryptocurrency, Digital Assets, Investments, issuance, licenses, NAPP, Regulation, Regulations, regulator, Tokens, Uzbekistan, Uzbekistani, Uzbekistanis, watchdog

Do you assume Uzbekistanis will profit from the brand new rules adopted by the nation’s crypto watchdog? Tell us within the feedback part beneath.

Lubomir Tassev

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

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