On Amendments and Additions to the Rules for Conducting Currency Operations in the Republic of Uzbekistan

Resolution of the Board of the Central Bank of the Republic of Uzbekistan, registered on 08.02.2023, registration number 3281-2

Date of Entry into Force

09.02.2023

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[OKON:

1.07.00.00.00 Legislation on Finance and Credit. Bank Activity / 07.21.00.00 Bank Activity / 07.21.13.00 Currency Operations (also see 07.27.00.00)]

[TSZ:

1. Finance / Currency Regulation. Precious Metals (Stones)]

Resolution of the Board of the Central Bank of the Republic of Uzbekistan

On Amendments and Additions to the Rules for Conducting Currency Operations in the Republic of Uzbekistan

[Registered by the Ministry of Justice of the Republic of Uzbekistan on February 8, 2023, registration number 3281-2]

In accordance with the Laws of the Republic of Uzbekistan "On the Central Bank of the Republic of Uzbekistan" and "On Currency Regulation," the Board of the Central Bank of the Republic of Uzbekistan resolves:

1. Amendments and additions shall be made to the Appendix to the [Rules](/docs/4975566?ONDATE=01.09.2020 00#4976837) for conducting currency operations in the Republic of Uzbekistan, approved by Resolution No. 18/5 of the Board of the Central Bank of the Republic of Uzbekistan dated August 29, 2020 (registration number 3281, August 31, 2020) (National Database of Legal Acts, August 31, 2020, 10/20/3281/1242).

2. This resolution enters into force from the date of its official publication.

Chairman M. NURMURATOV

Tashkent city,

January 4, 2023,

No. 30/35

APPENDIX

to Resolution No. 30/35 of the Board of the Central Bank of the Republic of Uzbekistan dated January 4, 2023

Amendments and Additions to the Rules for Conducting Currency Operations in the Republic of Uzbekistan

1. The [Preamble](/docs/4975566?ONDATE=01.09.2020 00#4976852) shall be stated in the following edition:

"These Rules establish the procedure for conducting currency operations by residents (hereinafter referred to as residents in the text) and non-residents (hereinafter referred to as non-residents in the text) of the Republic of Uzbekistan in the Republic of Uzbekistan."

2. Paragraph 191 shall be supplemented with the following content:

"191. Funds transferred from their offshore accounts (foreign currencies for which official exchange rates against the Uzbek som are established by the Central Bank of the Republic of Uzbekistan) and funds received from the sale of crypto-assets on crypto-exchanges may be credited to the foreign currency accounts of non-resident legal entities who are participants of crypto-exchanges.

These funds may be transferred to the crypto-exchange and to the offshore (in the state where the funds originated) accounts of these non-resident legal entities for the purpose of purchasing crypto-assets.

Funds received into the accounts of non-resident legal entities who are participants of crypto-exchanges cannot be used for purposes other than those specified.

Commercial banks, when conducting operations through these accounts, shall ensure that such operations are within the framework of the requirements of legislative acts on combating the legalization of proceeds from crime, the financing of terrorism, and the financing of the proliferation of weapons of mass destruction, having assessed the existing risks."

(, February 9, 2023, 10/23/3281-2/0082)