Uzbekistan Government authorities set several rules in regulation for issuing and circulating crypto in the country. The main reason for putting forward this plan is to allow local companies to attract capital through coins and tokens.
Uzbekistan’s new rules –
The National Agency of Perspective Projects (NAPP) has played a major role in the initiative under the President of Uzbekistan. NAPP has introduced a new regulation.
These new regulations include registering, issuing, and releasing the circulation of crypto assets in the Central Asian Nation.
Bitcoindotcom reported, “The document provides basic legal definitions for crypto assets and makes distinction between the different types. It introduces requirements for crypto issuers, depositories and custodians and determines their obligations, including those concerning relations with customers.”
The authorities also allowed establishing and maintaining an electronic register of crypto assets and adopted accounting standards rights associated with the issuers and holders of the crypto assets.
According to the new rule of Uzbekistan, crypto depositories will be responsible for providing services for issuing, registering, circulating, and storing crypto assets. Issuers or other electronic platforms can use them, and the coin’s value will be expressed in fiat.
NAPP addressed that using the names like country’s prefix, suffix or the word looks similar to Uzbekistan, for example, “state,” “state-secured,” “state-supported,” “Uzbekistan,” “Uzbek,” “national,” and “som” is strictly banned and also mention that the token who seems risky is prohibited in the country.
The country’s regulator 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.”
NAPP warned to access unauthorized activities regarding circulating crypto assets in the country or using unlicensed services by the providers.
The Conclusion —
Nowadays, crypto industries are playing a double role for every country. Sometimes it is too beneficial for the government and the country’s citizens, and sometimes, it acts opposites like at the time of the FTX fallout.
Uzbekistan has put its steps into the new world while taking care of the risk. NAPP has amended several laws under the president of Uzbekistan to decrease the probability of any market turmoil.
Recently Uzbekistan licensed two crypto exchanges in the country, and the NAPP said, “Crypto shops are designed to provide easier access for citizens to buy or sell crypto assets.”