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It is registered

Ministry of Justice

Republic of Uzbekistan

 On January 22, 2018 No. 3127

THE ORDER OF THE NATIONAL AGENCY OF PROJECT MANAGEMENT IN CASE OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of January 21, 2019 No. 16

About approval of the Regulations on procedure for licensing of activities crypto - the exchanges

According to resolutions of the President of the Republic of Uzbekistan of July 3, 2018 "About measures for development of digital economy in the Republic of Uzbekistan" and of September 2, 2018 No. PP-3926 "About measures for the organization of activities crypto - the exchanges in the Republic of Uzbekistan" I order to No. PP-3832:

1. Approve Regulations on procedure for licensing of activities crypto - the exchanges according to appendix.

2. This order becomes effective from the date of its official publication.

Director

D. Li

Appendix

to the Order of the National agency of project management in case of the President of the Republic of Uzbekistan of January 21, 2019 No. 16

Regulations on procedure for licensing of activities crypto - the exchanges

This Provision according to resolutions of the President of the Republic of Uzbekistan of July 3, 2018 No. PP-3832 "About measures for development of digital economy in the Republic of Uzbekistan" and of September 2, 2018 No. PP-3926 "About measures for the organization of activities crypto - the exchanges in the Republic of Uzbekistan" determines procedure for licensing of activities crypto - the exchanges.

Chapter 1. General provisions

1. In this Provision the following basic concepts are applied:

blokcheyn - the distributed register of data in which all data register consistently and are distributed in blocks, at the same time each new block is connected with the previous block the cryptographic signature;

crypto - asset - the set of records in the blokcheena having value and the owner;

crypto - the exchange - the organization providing electronic platform for exchange, purchase and sale crypto - assets.

2. Licensing of activities crypto - the exchanges performs the National agency of project management in case of the President of the Republic of Uzbekistan (further - the licensing body).

Licensing of activities crypto - the exchanges is performed according to the scheme according to appendix No. 1 to this Provision.

3. The license for activities crypto - the exchanges (further - the license) is granted to exclusively foreign legal entities by means of opening of affiliated or other enterprises by them in the territory of the Republic of Uzbekistan.

Affiliated or other enterprise of the foreign legal entity performs activities based on the license granted to the foreign legal entity.

Participation in the authorized capital (funds) of affiliated or other enterprises of the foreign legal entities having licenses, legal entities - residents of the Republic of Uzbekistan is not allowed.

4. On implementation of activities crypto - the exchanges the standard license is granted.

5. The license is granted sine die.

6. The right to implementation of activities crypto - the exchanges arises at the legal entity from the moment of licensing.

7. Transfer of the license to other legal entity is forbidden.

Chapter 2. Licensed requirements and conditions

8. Licensed requirements and conditions when implementing activities crypto - the exchanges are:

a) availability of the created authorized fund in the amount of at least thirty thousand minimum sizes of the salary in the form of money for date of filing of application from which twenty thousand are reserved on the separate account in commercial bank of the Republic of Uzbekistan;

b) availability of the functioning electronic system of the crypto-exchange biddings placed on the servers which are in the territory of the Republic of Uzbekistan and conforming to the requirements provided in this Provision;

c) availability of rules crypto - stock exchange trading in which are without fail provided:

procedure for the admission to the crypto-exchange biddings of participants;

the measures aimed at providing fulfillment of requirements of the legislation on counteraction of legalization of income gained from criminal activities and to terrorism financing;

procedures of the admission to the address and exception of the address crypto - assets;

procedure and registration of transactions with crypto - assets;

procedure for mutual calculations of participants crypto - stock exchange trading in case of the conclusion of transactions;

the amount of payment for use of services crypto - the exchanges and procedure for its determination;

measures for prevention of manipulation the prices on crypto - the exchange and unauthorized use of confidential information;

prohibition on use crypto - assets in the illegal purposes;

d) implementation of the quotation on crypto - assets on the basis of ratio of the demand and supply on them;

e) storage within five years of information on transactions with crypto - assets of clients, and also their identification data and materials on customer relations, including business correspondence;

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Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info

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