The National Agency for Perspective Projects (NAPP) under the President of the Republic of Uzbekistan has released an updated regulation on the procedure for registering, issuing and circulating crypto assets.
By statement regulator, this mechanism will allow national cryptocurrency companies to raise capital by issuing their own crypto assets. NAAPP approved the rules for creating and maintaining an electronic registry of crypto assets and adopted standards for accounting for the rights associated with them, as well as the rights of their owners. The regulator assigned responsibility for the provision of services for the issuance, registration, circulation and storage of digital assets at crypto depositaries.
NAPP drew the attention of industry participants that the nominal value of tokens can only be expressed in the national currency – Uzbek soms. The agency emphasized that the issuance of unsecured tokens, as well as the use of such words as “state”, “state-backed”, “state-supported”, “Uzbekistan”, “Uzbek”, “national” and “som” in the names of the cryptocurrency is prohibited. .
The regulator also warned against any unauthorized actions related to the circulation of crypto assets in the country or the use of the services of providers that have not received licenses to provide them. The same applies to cryptocurrency mining firms.
Earlier, the Ministry of Justice of Uzbekistan registered the NAAPP law, according to which licensed cryptocurrency companies must pay fees to the budget.
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