Order of the Director of the National Agency for Promising Projects of the Republic of Uzbekistan on Approval of the Regulation on the Procedure for Issuance, Registration, and Circulation of Crypto-Assets by Residents of the Republic of Uzbekistan

Order of the Director of the National Agency for Promising Projects of the Republic of Uzbekistan, registered on 28.11.2022, registration number 3397

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29.11.2022

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[OKONZ:
1.
12.00.00.00 Information and informatization / 12.02.00.00 Management in the field of information and informatization. Electronic government / 12.02.04.00 Other issues]
[TSZ:
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Economy / Trade and services]
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Order of the Director of the National Agency for Strategic Projects of the Republic of Uzbekistan Send suggestions for the document Listen to audio Get a reference from the document element on approving the Regulation on the procedure for issuance, registration, and circulation of crypto-assets by residents of the Republic of Uzbekistan Send suggestions for the document Listen to audio Get a reference from the document element [Registered by the Ministry of Justice of the Republic of Uzbekistan on November 28, 2022, registration number 3397] Send suggestions for the document Listen to audio Get a reference from the document element Send suggestions for the document Listen to audio Get a reference from the document element In accordance with the Decision of the President of the Republic of Uzbekistan No. PQ-3832 dated July 3, 2018 "On measures to develop the digital economy and the circulation of crypto-assets in the Republic of Uzbekistan", I order:
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The Regulation on the procedure for issuance, registration, and circulation of crypto-assets by residents of the Republic of Uzbekistan
is approved in accordance with the appendix.
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This Order enters into force from the date of its official publication.
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Director D. LI
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Tashkent city,
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November 24, 2022,
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No. 61
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APPENDIX
to the Order No. 61 of the Director of the National Agency for Strategic Projects of the Republic of Uzbekistan dated November 24, 2022 Send suggestions for the document Listen to audio Get a reference from the document element Regulation on the procedure for issuance, registration, and circulation of crypto-assets by residents of the Republic of Uzbekistan Send suggestions for the document Listen to audio Get a reference from the document element This Regulation establishes the procedure for the issuance, registration, and circulation of crypto-assets by residents of the Republic of Uzbekistan. Send suggestions for the document Listen to audio Get a reference from the document element
Chapter 1. General Provisions
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The following main concepts are used in this Regulation:
crypto-asset
— a collection of digital entries in a distributed ledger of information, having value and ownership rights; token — a type of crypto-asset, a unit of account in a distributed ledger of information managed based on a smart contract, intended to confirm an obligation or property right to a specific asset; smart contract — an electronic contract providing for the execution of rights and obligations through the automatic execution of digital transactions; backed token — a token backed by one or more tangible and (or) other property; provider of services in the field of crypto-asset circulation (hereinafter in the text — service provider) — a legal entity that is a resident of the Republic of Uzbekistan providing services to individuals and legal entities, including on their behalf, for the purchase, sale, exchange, storage, issuance, placement, and management of crypto-assets; investment token — a type of backed token confirming property rights or debt relations between the issuer of backed tokens and their owners. Investment tokens give their owner the right to receive the principal debt, periodic interest, and (or) a share of the issuer's income; asset-backed token — a type of investment token giving the token owner the right to a tangible asset; commodity token — a type of backed token that is a digital analogue of a commodity, including used as a means of transfer for identifying, monitoring, and monitoring the supply chain, and exchanging value for goods and (or) services; stablecoin — a type of backed token whose value is equal to the nominal value of a national or foreign currency; issuer's ecosystem — the issuer's information system intended for the issuance, distribution, and circulation of crypto-assets; unbacked token — a token not backed by any tangible and (or) other property; utility token — a type of unbacked token intended for performing actions specified by a smart contract in the issuer's ecosystem, including expressed as a unit of measurement with value; permission token — a type of utility token intended to grant access to the issuer's software functions, including giving the token owner the right to exchange it for national currency and (or) another type of crypto-asset on the platforms of service providers; ticket token — a type of utility token confirming the token owner's right to attend an event held by the issuer once; voucher-token — a type of utility token giving the token owner the right to receive a discount on electronic goods and services, including within the scope of service providers' electronic platforms; governance token — a type of utility token giving the token owner the right to participate in the voting process on projects within the issuer's ecosystem; non-fungible token (NFT) — a separate type of crypto-asset not backed by tangible and (or) other property, confirming the owner's right to unique content in digital form (texts, audiovisual, musical, photographic works, as well as works of fine art, etc.);
issuance of crypto-assets — organizational and technical measures aimed at the emergence of crypto-assets; registration of crypto-asset issuance — verification in accordance with the requirements of this Regulation and entry into the electronic register of crypto-assets to allow their circulation by the crypto-depository; placement of the initial offer of backed tokens — circulation of backed tokens on the electronic platforms of the crypto-depository and crypto-exchange or in the issuer's ecosystem for the purpose of financing activities and attracting investments; closed trading — a type of trading conducted by placing backed tokens among a limited number of investors without public announcement and without conducting an advertising campaign; open trading — a type of trading conducted by placing backed tokens among an unlimited number of investors, including through a public offer of backed tokens, with the conduct of an advertising campaign; competent authority — the National Agency for Strategic Projects of the Republic of Uzbekistan; crypto-depository — a legal entity that is a resident of the Republic of Uzbekistan providing an electronic platform and (or) a set of technical and software tools for providing services on the issuance, initial placement, and storage of crypto-assets; "White Paper" declaration — a document containing information about the activities of the issuer organization attracting investments through the placement of crypto-assets and tokens; issuer — a legal entity and individual entrepreneur that is a resident of the Republic of Uzbekistan issuing crypto-assets and undertaking obligations to the owners of crypto-assets as specified in the "White Paper" declaration and (or) contract; electronic register of crypto-assets (hereinafter in the text — register) — an information resource of the competent authority accounting for the issuance of crypto-assets issued within the territory of the Republic of Uzbekistan and registered by the crypto-depository; owner of a crypto-asset — a legal or physical person who has acquired the right to ownership of crypto-assets issued by the issuer and registered in the prescribed manner. Send suggestions for the document Listen to audio Get a reference from the document element
The crypto-depository provides services to residents of the Republic of Uzbekistan on a contractual basis for the issuance, registration, circulation, and storage of crypto-assets. The documents submitted for the provision of these services and the tariffs for the services provided are determined by the crypto-depository and posted on its electronic platform.
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The crypto-depository carries out its activities in electronic form through its electronic platform and (or) a set of technical and software tools.
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The following are carried out on the electronic platform of the crypto-depository:
storage of crypto-assets; acceptance of applications for the issuance and (or) registration of crypto-assets; placement and storage of the initial offer of backed tokens; circulation of crypto-assets, including their listing for private and (or) open trading; issuance, registration, and storage of non-fungible tokens; preparation and formation of reporting documents for operations carried out on the electronic platform of the crypto-depository; storage, processing, and disclosure of information necessary for carrying out operations related to the issuance, registration, and circulation of crypto-assets; other operations related to the implementation of crypto-depository activities. The crypto-depository develops its local documents containing requirements for carrying out the operations envisaged in this paragraph and posts them on its electronic platform. Send suggestions for the document Listen to audio Get a reference from the document element
The following are considered the duties of the crypto-depository:
ensuring the necessary level of operation of its electronic platform and its information security; creating a backup copy of all information about operations carried out by the end of each day; executing applications of the issuer and owners of crypto-assets regarding the issuance, registration, and circulation of crypto-assets; providing information on the results of consideration of applications, suggestions, and complaints of the issuer or owners of crypto-assets upon request of the competent authority; constantly increasing the level of knowledge of employees and persons attracted on the basis of civil law contracts of the legislation of the Republic of Uzbekistan in the field of counteracting the legalization of income obtained from criminal activity, financing of terrorism, and financing of the proliferation of weapons of mass destruction, as well as other local documents approved by the crypto-depository; compliance with the requirements established by legislation in the advertising of crypto-assets; checking the eligibility of heads of legal entities, individual entrepreneurs and their representatives, as well as physical persons who have applied for the use of services provided by the crypto-depository, for the categories of persons specified in paragraph 6 of this Regulation; checking the actual existence of tangible and (or) other property contributed to back the backed tokens for the purpose of placing their initial offer; ensuring the entry of a record about the issuance and (or) registration of crypto-assets on its electronic platform; checking the existence of the issuer's ecosystem aimed at the circulation of utility tokens, their destruction, or withdrawal from circulation after the expiration of the validity period. Send suggestions for the document Listen to audio Get a reference from the document element
The crypto-depository is prohibited from:
providing services for the issuance, registration, and circulation of crypto-assets to persons included in the list of persons involved in terrorist activities or the proliferation of weapons of mass destruction, or suspected of such involvement, in accordance with the legislation of the Republic of Uzbekistan in the field of counteracting the legalization of income obtained from criminal activity, financing of terrorism, and financing of the proliferation of weapons of mass destruction; using the names or symbols of crypto-assets issued or registered on its electronic platform containing the words "state", "state-backed", "state-supported", "Uzbekistan", "Uzbek", "national", "sum (UZS)" and the names of cities of the Republic of Uzbekistan in full or abbreviated form, using their units, in any language and in any form. Send suggestions for the document Listen to audio Get a reference from the document element
Chapter 2. Issuance, Registration, and Circulation of Crypto-Assets
Section 1. Issuance and Registration of Crypto-Assets
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The issuer may issue crypto-assets, and physical persons may issue only non-fungible tokens, through the crypto-depository or other electronic platforms, except for the persons specified in the second paragraph of paragraph 6 of this Regulation.
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The issuance of the following crypto-assets by residents and the registration of their issuance by the crypto-depository within the territory of the Republic of Uzbekistan are prohibited:
unbacked tokens, except for the cases specified in paragraph 4 of this chapter; stablecoins.
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The nominal value of crypto-assets issued by the issuer is expressed in national currency.
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A decision is made by the issuer or its governing body on the issuance of crypto-assets, indicating the following:
the date of the decision; the full name, location (postal address), and email address of the issuer; the number of crypto-assets issued; the type and volume of rights to crypto-assets, as well as information about the smart contract and the distributed ledger of information; the procedure for transferring rights to crypto-assets to their owners; the rights of the owner of crypto-assets; the terms of placement and management of crypto-assets. Other information in accordance with legislation may also be indicated in the decision on the issuance of crypto-assets. Send suggestions for the document Listen to audio Get a reference from the document element
The decision on the issuance of crypto-assets must be published on the official website of the issuer or another information resource one month before its initial placement.
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The registration of crypto-asset issuance is carried out only by the crypto-depository.
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The issuer must submit a "White Paper" declaration to the crypto-depository for the registration of crypto-asset issuance. The "White Paper" declaration must contain the following information:
a) information about the issuer (full name of the legal entity, surname, name, and patronymic of the individual entrepreneur, type of activity, products manufactured or services provided by the issuer); b) information about the distributed ledger of information technology and electronic platform used for the issuance, storage, and (or) distribution of crypto-assets, as well as measures taken by the issuer and (or) system owner to ensure system security; c) information about the developer (group of developers) of the crypto-asset; d) main characteristics of the crypto-asset, including details of the project financed by rights to crypto-assets and their exchange; e) information about methods or mechanisms for transferring ownership rights to crypto-assets (certification, information registry, etc.); f) methodology for valuing crypto-assets; g) information about risks that may arise as a result of fraud, hacking attacks, and (or) other financial crimes and actions against them; h) information about the procedure and methods for repurchasing backed tokens after their initial placement on the electronic platform of the service provider of backed tokens (circumstances, volume, method of returning funds, etc.); i) information about the project and its development carried out from the funds received from the circulation of crypto-assets (what project is implemented, its terms and mechanisms); l) additional information specified by the local documents of the crypto-depository, including advertising of crypto-assets. Send suggestions for the document Listen to audio Get a reference from the document element
The crypto-depository makes an independent decision on the issuance of crypto-assets and their registration in accordance with this Regulation, legislation of the Republic of Uzbekistan in the field of crypto-asset circulation, and its local documents.
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The crypto-depository must notify the competent authority within one day from the date of making a decision on the registration of crypto-asset issuance.
Notification to the competent authority is carried out by entering the relevant information into the register and automatically receiving a serial number. Crypto-assets are considered registered from the date of entering the relevant information into the register and receiving the serial number. Send suggestions for the document Listen to audio Get a reference from the document element
Section 2. Circulation of Crypto-Assets
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The circulation of crypto-assets is carried out by the crypto-depository by listing their initial offer on its, crypto-exchanges, or other electronic platforms where crypto-assets are sold.
The procedure and conditions for listing crypto-assets for circulation are determined by the contract concluded between the crypto-depository and the crypto-exchange or other electronic platforms where crypto-assets are sold.

Section 3. Specific Features of the Issuance and Registration of Secured Tokens

The issuance and registration of secured tokens are carried out by the issuer in accordance with this Regulation and the local documents of the crypto-depository for the purpose of attracting investments to its activities and developing its activities.
The crypto-depository checks the accuracy of the information contained in the decision on the issuance of secured tokens and other documents submitted by the issuer, as well as determines the possibility of transferring rights to secured tokens to the token owner.
The crypto-depository makes public the information specified in the decision on the issuance of secured tokens on the Internet global information network.
The crypto-depository ensures the availability of the information specified in the decision on the issuance of secured tokens from the day of their publication until the secured tokens are transferred to their owners.
The decision on the issuance of secured tokens shall provide only for the issuance and registration of one type of secured token.
The crypto-depository must check the availability of material and (or) other property pledged as collateral for the issuance of secured tokens during the registration of their issuance.
The use of crypto-assets as collateral for secured tokens issued by the issuer is not permitted.

Section 4. Specific Features of the Issuance and Registration of Utility Tokens

The issuer may issue the following utility tokens:

permission token;
ticket token;
voucher token;
governance token.
The issuance, registration, and circulation of utility tokens provided for in this paragraph are carried out in accordance with this Regulation, legislative acts on the circulation of crypto-assets, and requirements established by the crypto-depository.

Use of utility tokens outside the issuer's ecosystem is not permitted, except for cases established by this Regulation.
Circulated utility tokens are valid for the period specified in the "White Paper" declaration or on the issuer's official website.
The crypto-depository must notify on its electronic platform and (or) official web page about the expiration of the validity period of utility tokens. After the expiration of the validity period, utility tokens must be withdrawn from circulation and destroyed by the issuer.

Chapter 3. Maintenance of the Electronic Register of Crypto-Assets

The register is maintained in electronic form by the competent authority. The following information about all registered crypto-assets is entered into the register:

name of the issuer, its organizational and legal form, location (postal address), email address, taxpayer identification number (TIN) or individual identification number (IIN) of a physical person, telephone number;
information about the name and quantity of the crypto-asset being issued;
information about the distributed register of crypto-asset issuance data;
date and serial number of the issuance and registration of crypto-assets.

Information entered into the register is posted on the official website of the competent authority and is considered open to all.

Chapter 4. Accounting of Rights to Crypto-Assets

Accounting of rights to registered crypto-assets is carried out through registration on the electronic platform of the crypto-depository and the distributed register of data.
Rights to crypto-assets transfer to the owner of the crypto-assets from the moment the corresponding entry is made in the electronic platform of the crypto-depository.

Chapter 5. Rights of the Crypto-Asset Owner

The owner of crypto-assets has the following rights:

to dispose of crypto-assets, receive profit or other benefits in the amount specified in the contract;
to sell, transfer and (or) exchange crypto-assets, unless otherwise provided by the contract;
to request and receive information from the crypto-depository about operations carried out within the scope and volume belonging to him.
The owner of crypto-assets may also have other rights in accordance with the requirements established by legislative acts on the circulation of crypto-assets and the crypto-depository.

The owner of crypto-assets:

must fulfill the requirements and conditions specified in the contract for the purchase of crypto-assets, if any;
must disclose information about the acquisition of 35 percent or more of the total crypto-assets issued by the issuer.
The procedure and deadlines for disclosure of information by the owner of crypto-assets are determined by the local documents of the crypto-depository.

Chapter 6. Final Provisions

Disputes between the crypto-depository, issuers, and owners of crypto-assets are resolved by agreement of the parties or in court.
Persons guilty of violating the requirements of this Regulation are held liable in the manner established by legislation.
(National Database of Legislative Information, 29.11.2022, No. 10/22/3397/1050)

Order of the Director of the National Agency for Promising Projects of the Republic of Uzbekistan on Approval of the Regulation on the Procedure for Issuance, Registration, and Circulation of Crypto-Assets by Residents of the Republic of Uzbekistan

Lineage: In force