{"id":15096,"date":"2022-12-03T05:20:09","date_gmt":"2022-12-03T05:20:09","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/uzbekistan-approves-rules-for-issuance-and-circulation-of-crypto-assets-regulation-bitcoin-news\/"},"modified":"2022-12-03T05:20:09","modified_gmt":"2022-12-03T05:20:09","slug":"uzbekistan-approves-rules-for-issuance-and-circulation-of-crypto-assets-regulation-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/uzbekistan-approves-rules-for-issuance-and-circulation-of-crypto-assets-regulation-bitcoin-news\/","title":{"rendered":"Uzbekistan Approves Rules for Issuance and Circulation of Crypto Assets \u2013 Regulation Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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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.<\/strong><\/p>\n

Uzbekistan Government Sets Out to Regulate Digital Asset Investments<\/h2>\n

The National Agency of Perspective Projects (NAPP<\/a>), 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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

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.<\/p>\n

The agency emphasized that the issuance of unsecured tokens is prohibited. Using words such as \u201cstate,\u201d \u201cstate-secured,\u201d \u201cstate-supported,\u201d \u201cUzbekistan,\u201d \u201cUzbek,\u201d \u201cnational,\u201d and \u201csom\u201d in the names of the cryptos is banned. The regulator also clarified:<\/p>\n

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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.<\/p>\n<\/blockquote>\n

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.<\/p>\n

Uzbekistan has been taking steps towards the comprehensive regulation of its crypto sector with several decrees signed<\/a> by President Shavkat Mirziyoyev and resolutions by the National Agency of Perspective Projects. The country recently licensed<\/a> two companies to provide exchange services.<\/p>\n

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agency<\/a>, capital<\/a>, Circulation<\/a>, Coins<\/a>, Crypto<\/a>, crypto assets<\/a>, Cryptocurrencies<\/a>, Cryptocurrency<\/a>, Digital Assets<\/a>, Investments<\/a>, issuance<\/a>, licenses<\/a>, NAPP<\/a>, Regulation<\/a>, Regulations<\/a>, regulator<\/a>, Tokens<\/a>, Uzbekistan<\/a>, Uzbekistani<\/a>, Uzbekistanis<\/a>, watchdog<\/a><\/div>\n<\/div>\n

Do you think Uzbekistanis will benefit from the new regulations adopted by the country\u2019s crypto watchdog? Tell us in the comments section below. <\/strong><\/em><\/p>\n

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\nLubomir Tassev <\/h6>\n

\nLubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens\u2019s quote: \u201cBeing a writer is what I am, rather than what I do.\u201d Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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