In accordance with the order of the National Agency for Project Management (NAPM) under the President of Uzbekistan, changes and additions were introduced to the Regulations on the licensing of crypto-exchange activities, in particular, the Rules of the crypto-exchange trade were defined, NAPM reported.
The rules determine the general provisions and basic concepts, the procedure for establishing relations with customers, the requirements for advertising and informing customers, the process of organizing crypto-exchanges, the procedure for settlement and clearing operations on the crypto-exchange and others.
According to the rules, residents of Uzbekistan have the right to conclude transactions on the sale of crypto assets on crypto-exchanges; it is forbidden to carry out operations with crypto-assets on crypto-exchanges, on which transactions (operations) made earlier are anonymous; crypto assets cannot be used on the territory of the Republic of Uzbekistan as a means of payment or acceptance of payment.
While developing this document, special attention was paid to compliance with international standards in the field of combating money laundering and the financing of terrorism (FATF Recommendations and Guidelines).
In particular, in accordance with the rules, the crypto exchange is obliged:
- to allow bidders to operations through their electronic trading floors after the introduction of mechanisms for their mandatory identification;
- not to establish relations with individuals under the age of 18 years, as well as persons included in the list of people participating or suspected of participating in terrorist activities or the proliferation of weapons of mass destruction, in accordance with the legislation on counteracting the legalization of proceeds from criminal activity the financing of terrorism and the financing of the proliferation of weapons of mass destruction;
- to keep reports on the results of tenders and information on revealed facts of violation of the legislation and rules for at least five years;
- if signs of crime are identified, to immediately report this in writing to the authorized body and law enforcement bodies.
“Despite a certain stringency of the rules, NAPM believes that the definition of these rules is an important step in the development of the digital economy and activities related to the circulation of crypto assets in the Republic of Uzbekistan,” the organization notes.
