Fun

Uzbekistan Approves Rules for Issuance and Circulation of Crypto Assets

News Feed - 2022-12-03 01:12:42

Uzbekistan Approves Rules for Issuance and Circulation of Crypto Assets


The authority responsible for crypto oversight in Uzbekistan has determined the order of issuing and circulating digital assets in the country. The main reason behind the move is to establish a mechanism that would allow local companies to attract capital through coins and tokens. Uzbekistan Government Sets Out to Regulate Digital Asset Investments


The National Agency of Perspective Projects (NAPP), under the President of Uzbekistan, has released a new regulation on the procedures for the issue, registration, and release in circulation of crypto assets in the Central Asian Nation.


The document provides basic legal definitions for crypto assets and makes distinction between the different types. It introduces requirements for crypto issuers, depositaries and custodians and determines their obligations, including those concerning relations with customers.


The authority has also approved rules for the establishment and maintaining of an electronic register of crypto assets and adopted accounting standards for the rights associated with 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 them or other electronic platforms, the NAPP said, pointing out 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. Using words such as “state,” “state-secured,” “state-supported,” “Uzbekistan,” “Uzbek,” “national,” and “som” in the names of the cryptos is banned. The regulator also clarified: 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 by issuing and registering the issue of secured 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 that have not obtained a license to offer them. The same applies to firms involved in the mining of cryptocurrency.


Uzbekistan has been taking steps towards the comprehensive regulation of its crypto sector with several decrees signed by President Shavkat Mirziyoyev and resolutions by the National Agency of Perspective Projects. The country recently licensed two companies to provide exchange services. Tags in this story agency, capital, Circulation, Coins, Crypto, crypto assets, Cryptocurrencies, Cryptocurrency, Digital Assets, Investments, issuance, licenses, NAPP, Regulation, Regulations, regulator, Tokens, Uzbekistan, Uzbekistani, Uzbekistanis, watchdog


Do you think Uzbekistanis will benefit from the new regulations adopted by the country’s crypto watchdog? Tell us in the comments section below. 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, international politics and economics are two other sources of inspiration. EU Parliament to "Vote on Adopting the Regulation on MiCA" — Expert Says Industry Needs Legal Clarity REGULATION | 1 hour ago US Lawmakers Say Any Digital Dollar Must Be Open, Permissionless, and Private REGULATION | 5 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleUS Lawmakers Say Any Digital Dollar Must Be Open, Permissionless, and Private Next articleEU Parliament to ‘Vote on Adopting the Regulation on MiCA’ — Expert Says Industry Needs Legal Clarity Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItTony Hawk"s Latest NFTs to Come With Signed Physical Skateboards


Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs ... read more.Today"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits NFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales Bitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals Interest in Real Estate Investments in Spain Grew 400%, With Some Using Crypto and Stocks as Payment Method

News Feed

Shiba Inu Bulls Roar To Life After Breakout—Next Price Targets
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Hydra’s ‘Complex Drug Delivery System’ in Russia Overshadows Western Darknet Markets
Hydra"s "Complex Drug Delivery System" in Russia Overshadows Western Darknet MarketsOn September 14, the blockchain analysis firm Chainalysis reported on the infamous Russian darkne
Derek Andersen22 minutes agoUS House Republican committees introduce joint digital assets billThe House Agriculture and Financial Services Committees have been working together all year on a bill to rival Lummis and Gill
Bank of England Analysts See Crypto Having Important Roles in the Metaverse — Discuss the Need for Regulation
Bank of England Analysts See Crypto Having Important Roles in the Metaverse — Discuss the Need for Regulation Bank of England’s analysts say crypto assets could have impor
Atari’s ‘onchain’ game hacked, Notcoin to launch story-driven Lost Dogs game: Nifty Newsletter
Ezra Reguerra5 hours agoAtari’s ‘onchain’ game hacked, Notcoin to launch story-driven Lost Dogs game: Nifty NewsletterDeveloper Kautuk Kundan claimed to have hacked Atari’s “onchain” game and said that it’s
Citizens in Argentina Might Have to Pay Crypto Taxes Depending on Location
Citizens in Argentina Might Have to Pay Crypto Taxes Depending on Location A new crypto tax paradigm is brewing in Argentina, where two provinces have now approved crypto tax laws.
Brayden Lindrea15 minutes agoCoinbase narrows loss while crypto trading volumes fall in Q3Despite seeing falling trading volumes, Coinbase said they were “pleased” with how the quarter played out.59 Total viewsListen
Savannah Fortis14 hours agoSouth Korea to pilot CBDC in one of these three cities, not SeoulSouth Korea pushes forward with its CBDC pilot and targets three potential test regions for issuing and distributing the digital
Switzerland Approves Gazprombank to Offer Bitcoin Trading and Custody
Switzerland Approves Gazprombank to Offer Bitcoin Trading and Custody Zurich-based Gazprombank, a subsidiary of Russia’s third-largest bank, has been appro
Nubank brings Bitcoin Lightning to its 100M Latin American customers
Brayden Lindrea8 hours agoNubank brings Bitcoin Lightning to its 100M Latin American customersLightspark will also integrate the Universal Money Address standard for Nubank, which gives an email-like address for users to
Jon Rice3 hours agoPay-to-use blockchains will never achieve mass adoptionBlockchain projects should learn from Google and Facebook by monetizing their users without directly asking for their money.1645 Total views16 Tot
Crypto personality pleads guilty to fraud after promising 60% ‘fictitious’ returns
Ciaran Lyons7 hours agoCrypto personality pleads guilty to fraud after promising 60% ‘fictitious’ returnsThe United States Department of Justice alleges Thomas John Sfraga convinced a victim to invest in a “fictiti