Order of the Director of the National Agency for Prospective Projects of the Republic of Uzbekistan on the Approval of Rules for Crypto-Asset Trading on a Crypto-Exchange

Order of the Director of the National Agency for Prospective Projects of the Republic of Uzbekistan, registered on 15.08.2022, registration number 3379

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15.08.2022

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OKOZ:

09.00.00.00 Entrepreneurship and economic activity / 09.05.00.00 Exchange activity / 09.05.03.00 Procedure for conducting exchange (auction) trades and formalizing transactions;
09.00.00.00 Entrepreneurship and economic activity / 09.17.00.00 Trade / 09.17.05.00 Exhibition. Fair. Auction sales. Exchanges
TSZ:
Finance / Exchange activity
Order of the Director of the National Agency for Perspective Projects of the Republic of Uzbekistan On Approval of the Rules for Carrying out Crypto-Asset Trading on a Crypto-Exchange [Registered by the Ministry of Justice of the Republic of Uzbekistan on August 15, 2022, registration number 3379] In accordance with the Resolution of the President of the Republic of Uzbekistan No. PQ-3150 dated July 27, 2017 "On Organizing the Activities of the National Agency for Perspective Projects of the Republic of Uzbekistan", I hereby order:
The Rules for Carrying out Crypto-Asset Trading on a Crypto-Exchange shall be approved in accordance with the Appendix.
This Order shall enter into force from the day of its official publication.
Director D. LI
Tashkent city,
July 18, 2022,
No. 33
APPENDIX
to the Order of the Director of the National Agency for Perspective Projects of the Republic of Uzbekistan No. 33 dated July 18, 2022 RULES for Carrying out Crypto-Asset Trading on a Crypto-Exchange These Rules define the procedures for organizing and carrying out crypto-asset trading on a crypto-exchange.
Chapter 1. General Provisions
The following key concepts are used in these Rules:
clients — individuals and legal entities, including foreign individuals and legal entities, who enter into an agreement with a crypto-exchange to carry out crypto-asset operations on the crypto-exchange; clearing — a set of operations for determining, clarifying, and accounting for the mutual obligations of crypto-exchange clients, as well as mutual settlements carried out between them; quotation sheet — a list of crypto-assets that meet the criteria established by the crypto-exchange and are permitted for crypto-asset trading; settlement and clearing chamber (hereinafter referred to as SCC) — a structural unit of the crypto-exchange that ensures the execution of clearing, settlements, and mutual settlements for crypto-exchange transactions through an electronic clearing system; SCC secondary account — secondary demand deposit accounts of the crypto-exchange opened in the bank serving the crypto-exchange for storing funds of buyers and sellers and for carrying out settlements for transactions; user's individual number (hereinafter referred to as UIN) — a special unique number assigned to a clearing participant; virtual account — a special account opened in the SCC of the crypto-exchange for carrying out clearing operations; direct trading platform — an electronic platform within the crypto-exchange's electronic platform designed for carrying out transactions for buying and selling crypto-assets; non-fungible token trading platform — an electronic platform within the crypto-exchange's electronic platform designed for carrying out operations for issuing and circulating non-fungible tokens; token — a type of crypto-asset, managed based on a smart contract, a unit of account in a distributed ledger of data intended to confirm an obligation or property right to a specific asset; smart contract — an agreement in electronic form that provides for the fulfillment of rights and obligations by automatically executing digital transactions; secured token — a token secured by any tangible and (or) other property; non-fungible token — a special type of crypto-asset not secured by tangible and (or) other property, confirming the owner's right to unique digital content (text, audiovisual, musical, photographic works, as well as works of fine art, etc.); stable token — a type of secured token whose value is equal to the nominal value of a foreign currency; token issuance — organizational and technical measures aimed at the creation of a token; registration of secured token issuance — registration of issued secured tokens for the purpose of listing them; listing — the process by which a crypto-exchange authorizes crypto-assets for circulation on the crypto-exchange's electronic platform; delisting — the process by which a crypto-exchange removes listed crypto-assets from circulation on the crypto-exchange's electronic platform; initial offering of a secured token — placing secured tokens into circulation for sale on the crypto-exchange's electronic platform for
the purpose of financing activities and attracting investments; crypto-wallet — a software or software-technical tool designed for storing and managing crypto-assets; crypto-wallet address — a unique combination of numbers, letters, and symbols used to carry out operations for sending and receiving crypto-assets from one crypto-wallet to another in a distributed ledger of data; clearing participant — a crypto-exchange client who has submitted an acceptance and is registered with the SCC in the manner prescribed by these Rules; trading participants — clients authorized by the crypto-exchange to participate in crypto-asset trading; crypto-asset trading — the process of concluding buy-sell transactions of crypto-assets in national and (or) foreign currency or exchange transactions of one type of crypto-asset for another type of crypto-asset on the crypto-exchange's electronic platform; crypto-exchange's electronic platform — the information system and (or) software-hardware complex of the crypto-exchange where the following are carried out:
receiving, controlling, and registering applications for participation in crypto-asset trading; receiving, controlling, and registering applications for selling, buying, and (or) exchanging crypto-assets; receiving, controlling, and registering applications for participation in crypto-asset trading on the direct trading platform; carrying out listing and delisting of crypto-assets; placing and storing initial offerings of secured tokens; introducing non-fungible tokens into circulation; carrying out transactions aimed at buying, selling, and (or) exchanging crypto-assets; announcing crypto-asset prices; determining the obligations and claims of trading participants as a result of concluding transactions with crypto-assets, as well as ensuring the execution of these transactions; preparing and forming reporting documents for transactions concluded with crypto-assets; storing, processing, and disclosing information necessary for concluding and executing transactions with crypto-assets; other tasks related to carrying out crypto-asset trading; large transaction aimed at selling and buying crypto-assets (hereinafter referred to as large transaction) — an operation aimed at selling and buying crypto-assets in national and (or) foreign currency on the direct trading platform of the crypto-exchange's electronic platform, the total amount of which exceeds three thousand times the basic calculated value on the day of the transaction; insider information about crypto-assets — non-public information about crypto-assets, the persons who created and placed them, and transactions concluded with crypto-assets, which puts persons possessing it in a preferential position compared to other clients; manipulation of crypto-asset prices — actions taken to artificially increase or decrease crypto-asset prices relative to actual market conditions, or to significantly influence the demand and (or) supply of crypto-assets, market prices of crypto-assets, or trading volumes; ultimate beneficial owner of a crypto-exchange — an individual who directly or indirectly establishes the crypto-exchange, or directly or indirectly owns shares (stocks) in its authorized fund (capital), or directly or indirectly owns or controls that person; authorized body — the National Agency for Perspective Projects of the Republic of Uzbekistan.
A legal entity that has obtained a license in the prescribed manner to carry out crypto-exchange activities must carry out this activity in accordance with these Rules and special regulatory legal acts.
A crypto-exchange must:
ensure the proper functioning of the crypto-exchange's electronic platform; ensure separate accounting and storage of money and crypto-assets of the crypto-exchange and clients on the crypto-exchange, while preventing joint accounting of money and crypto-assets of two or more clients; create a backup copy of all information about transactions (operations) carried out by clients at the end of each day; ensure the execution of clients' orders for crypto-asset trading in accordance with the requirements of these Rules, when there is an opportunity to fulfill them, including when counter-orders are available on the crypto-exchange's electronic platform; ensure the necessary level of information security of the crypto-exchange's electronic platform; constantly improve the level of knowledge of crypto-exchange employees and persons engaged by them on the basis of civil law contracts to directly carry out crypto-exchange activities, regarding legislative acts regulating crypto-exchange activities, combating the legalization of proceeds from criminal activities, financing of terrorism, and financing the proliferation of weapons of mass destruction, and local documents approved by the crypto-exchange (hereinafter referred to as local document); ensure the execution of crypto-exchange clients' instructions for the return (transfer) of money and crypto-assets on the crypto-exchange, as well as other instructions and actions of clients; allow trading participants to carry out operations through the crypto-exchange's electronic platform only after implementing a mandatory identification mechanism and applying other measures in accordance with legislative acts in the field of crypto-asset circulation; comply with the requirements stipulated in legislative acts when advertising crypto-assets; comply with other requirements established by legislative acts. The crypto-exchange must develop and approve rules providing for the regulation of the following processes:
listing and delisting of crypto-assets; initial offering of secured tokens for the purpose of financing activities and attracting investments; introducing non-fungible tokens into circulation.
The crypto-exchange shall exercise continuous control over transactions related to crypto-asset trading.
If violations of legislative acts and these Rules are detected by the crypto-exchange, measures must be taken to stop them and prevent their recurrence in the future. Information about each fact of violation of legislative acts and these Rules detected by the crypto-exchange must be stored for at least five years from the date of detection of such fact. Upon requests from the authorized body, the crypto-exchange must provide information about the fact of violation of legislative acts to the authorized body no later than five working days from the date of receipt of the request. In case of detection of signs of a crime, the crypto-exchange is obliged to immediately notify the authorized body and law enforcement agencies in writing in accordance with legislative acts.
Residents of the Republic of Uzbekistan on the crypto-exchange's electronic platform:
may carry out all types of crypto-asset trading on the crypto-exchange in national currency, including transactions aimed at selling and buying crypto-assets on the direct trading platform; have the right to carry out only crypto-asset selling operations with non-residents of the Republic of Uzbekistan in foreign currency. The choice of crypto-assets as an object of purchase and the corresponding consequences of this choice are at the buyer's own risk.
Residents of the Republic of Uzbekistan may exchange non-fungible tokens for other types of crypto-assets on foreign crypto-exchanges and platforms.
Crypto-assets received by residents of the Republic of Uzbekistan as a result of exchanging non-fungible tokens on foreign crypto-exchanges and platforms shall be sold on the electronic platforms of service providers (hereinafter referred to as service providers) registered in the Republic of Uzbekistan in the field of crypto-asset circulation in the established manner.
A crypto-exchange has the right to carry out crypto-depository activities after obtaining a separate license for this type of activity. In this case, the crypto-exchange may issue secured tokens and (or) register issued tokens within the scope of this activity.
During the implementation of crypto-depository activities, the crypto-exchange must approve a procedure for issuing secured tokens, registering the issuance, placing the initial offering of secured tokens, and introducing them into circulation, including:
ensuring the repurchase of secured tokens by the person who placed their initial offering on the crypto-exchange in cases and amounts stipulated in contractual obligations; approving a procedure that prohibits the use of "state", "state-backed", "state-supported", "Uzbekistan", "Uzbek", "national", "sum (UZS)", and names of cities of the Republic of Uzbekistan in full or abbreviated form, as well as their units, in any language and in any form, in the names or symbols of issued tokens.
When carrying out crypto-depository activities, a crypto-exchange must:
determine whether the heads of legal entities, individual entrepreneurs, and their representatives carrying out activities aimed at registering and placing the issuance of secured tokens fall into the category of persons specified in paragraph 14 of these Rules; verify the actual existence of tangible and (or) other property contributed to secure secured tokens for the purpose of placing their initial offering.
On crypto-exchanges:
the issuance and registration of issuance of stable tokens; the issuance, registration of issuance, placement, and introduction into circulation of unsecured tokens for the purpose of placing their initial offering are prohibited.
On the territory of the Republic of Uzbekistan, operations for selling and buying crypto-assets for national and (or) foreign currency, as well as exchanging crypto-assets for other crypto-assets, are prohibited outside of service providers, except for cases established by legislative acts.
Information on crypto-asset trades carried out on the crypto-exchange's electronic platform shall serve as the basis for mutual settlements for transactions concluded on the crypto-exchange.
Chapter 2. Procedure for Establishing Relations with Clients
A crypto-exchange establishes relations with clients on a contractual basis.
The agreement must provide for the following:
the submission of information specified in paragraph 4 of these Rules to the authorized body; audio or video recording of negotiations with clients with their consent, including the recording of correspondence, and the storage of this information for at least five years; the requirements specified in paragraph 5 of these Rules; other requirements established by these Rules and legislative acts.
To establish relations with a client, the crypto-exchange requests the following information:

from a natural person — a copy of the identity document and the personal identification number of the natural person for citizens of the Republic of Uzbekistan; Send a proposal for the document Listen to the audio Get a link to the document element from an individual entrepreneur — copies of documents confirming identity and state registration; Send a proposal for the document Listen to the audio Get a link to the document element from a legal entity — a copy of the document confirming state registration, information about its location, management, and charter documents; Send a proposal for the document Listen to the audio Get a link to the document element contact information for establishing contact with the customer (email address and other contact information); Send a proposal for the document Listen to the audio Get a link to the document element other information specified in legislative acts, including legislation on combating the legalization of proceeds from crime, financing of terrorism, and financing of the proliferation of weapons of mass destruction. Send a proposal for the document Listen to the audio Get a link to the document element
14. A crypto-exchange is not entitled to establish relations with the following:
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Get a link to the document element minors;
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Get a link to the document element individuals included in the list of persons involved or suspected of involvement in terrorist activities or the proliferation of weapons of mass destruction, based on legislation on combating the legalization of proceeds from crime, financing of terrorism, and financing of the proliferation of weapons of mass destruction. Send a proposal for the document Listen to the audio Get a link to the document element
15. When relations are established between the crypto-exchange and its customer, an accounting record (account) is created for the customer on the crypto-exchange's electronic platform, containing information about the customer, their funds stored at the crypto-exchange, and their crypto-assets.
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Opening two or more accounting records (accounts) for one customer is prohibited.
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16. Unless otherwise provided by legislative acts or these Rules, a crypto-exchange is entitled to grant any customer the status of a participant in crypto-asset trades (permission to trade crypto-assets) in its own name and at its own expense for the purpose of conducting crypto-asset trades.
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17. A crypto-exchange is obliged to provide the following information to natural and legal persons, including customers:
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Get a link to the document element the terms of establishing relations with the customer, including the text of the relevant contract (in this case, the crypto-exchange must explain to the customer the form, amount, and procedure for collecting the reward payable to the crypto-exchange); Send a proposal for the document Listen to the audio Get a link to the document element the content of the "White paper" declaration during the process of concluding (organizing) agreements aimed at listing crypto-assets by the crypto-exchange. Send a proposal for the document Listen to the audio Get a link to the document element
18. The information specified in paragraph 16 of these Rules must be communicated to natural and legal persons orally or in writing during the process of establishing relations with them or prior to it.
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The information specified in the appendix to these Rules must be posted on the main page of the crypto-exchange's website.
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Chapter 3. Organization of Crypto-Asset Trades
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19. A crypto-exchange organizes crypto-asset trades by granting customers access to its electronic platform to perform actions aimed at selling, buying, and/or exchanging crypto-assets.
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Access to the crypto-exchange's electronic platform is provided only on the basis of a contract.
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A customer who has been removed from the ranks of trade participants for violating the rules of crypto-asset trades in accordance with these Rules and local documents cannot be a trade participant for three months. Send a proposal for the document Listen to the audio Get a link to the document element Permission for customers to access crypto-asset trades, including the crypto-exchange's other services ("spot", "margin" trades, etc.) and products, as well as removal from the ranks of crypto-asset trade participants, is determined by local documents. Send a proposal for the document Listen to the audio Get a link to the document element
20. A crypto-exchange:
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Get a link to the document element must ensure the transparency of the process of conducting crypto-asset trades, as well as the fulfillment of obligations arising from their results; Send a proposal for the document Listen to the audio Get a link to the document element must verify the actual existence of material and/or other property contributed to ensure the tokens provided on the crypto-exchange's electronic platform for the purpose of placing the initial offer of the provided tokens. Send a proposal for the document Listen to the audio Get a link to the document element
21. A crypto-exchange must take measures in accordance with these Rules and local documents to prevent, detect, and stop the use of insider information about crypto-assets, fraud with their prices, and to eliminate the consequences thereof.
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The use of insider information about crypto-assets is understood as the use of such information for personal purposes, including for the purpose of participating in crypto-asset trades in one's own name and at one's own expense, as well as providing it to third parties, except for cases provided for by legislative acts. Send a proposal for the document Listen to the audio Get a link to the document element Persons having insider information about crypto-assets include:
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Get a link to the document element members of the governing bodies and other employees of the organization that created and placed the crypto-assets; Send a proposal for the document Listen to the audio Get a link to the document element the person who created the crypto-assets and carried out the listing; Send a proposal for the document Listen to the audio Get a link to the document element employees of the auditing organization providing auditing services to the person who created and placed the crypto-assets or to a trade participant; Send a proposal for the document Listen to the audio Get a link to the document element other persons who have access to this information due to their service position, labor obligations, or civil-law contracts concluded with persons who created and placed the crypto-assets. Send a proposal for the document Listen to the audio Get a link to the document element
22. A crypto-exchange has the right to participate in crypto-asset trades only after disclosing information in its local documents about its participation in crypto-asset trades, taking and disclosing measures to regulate potential conflicts of interest arising from its participation.
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23. For the conclusion of transactions, a trade participant or a crypto-exchange posts an application on the crypto-exchange's electronic platform regarding the sale, purchase, and/or exchange of crypto-assets.
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The procedure for submitting an application for the sale, purchase, and/or exchange of crypto-assets is determined by local documents.
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The customer's application for the sale, purchase, and/or exchange of crypto-assets must be executed by the crypto-exchange if there is a counter-application that meets their requirements. Delaying the execution of applications after a counter-application exists, changing their terms, or canceling them is not permitted. Send a proposal for the document Listen to the audio Get a link to the document element
24. For the execution of trades (settlements) with crypto-assets, the trade participant transfers the relevant funds and/or crypto-assets to the HCCP.
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The funds and crypto-assets of the trade participant must be accounted for separately from the funds and crypto-assets of the crypto-exchange and other trade participants. Send a proposal for the document Listen to the audio Get a link to the document element
25. A crypto-exchange must prepare a daily report on the transactions concluded for the sale, purchase, and/or exchange of crypto-assets by each customer participating in crypto-asset trades, their amounts, and the execution or non-execution of applications for the sale, purchase, and/or exchange of crypto-assets.
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After the report is prepared, a unique code is assigned to each transaction and operation performed by each customer for recording purposes.
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The report must be stored for a period of not less than five years from the date of its preparation. The procedure for storing reports is determined by local documents. Corrections and changes to reports are not permitted. Send a proposal for the document Listen to the audio Get a link to the document element A crypto-exchange must provide the report to the following on a gratuitous basis:
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Get a link to the document element to customers — no later than fifteen days from the date of receipt of the relevant request, in the relevant volume; Send a proposal for the document Listen to the audio Get a link to the document element to the authorized body — in the volume and deadline specified in its request. Send a proposal for the document Listen to the audio Get a link to the document element
26. A crypto-exchange ensures the fulfillment of transactions concluded for the sale, purchase, and/or exchange of crypto-assets.
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When a transaction is concluded for the sale, purchase, and/or exchange of crypto-assets in crypto-asset trades by a trade participant, the crypto-exchange must deduct the execution amount (quantity) of this transaction from the secondary account of the HCCP of this trade participant or from the funds stored at the crypto-wallet address, and attach them to the counterparty of the trade participant. Send a proposal for the document Listen to the audio Get a link to the document element A crypto-exchange collects the reward payable from the customer in the manner and on the terms provided for in the contract for participation in crypto-asset trades. Send a proposal for the document Listen to the audio Get a link to the document element
27. With the consent of the customer, a crypto-exchange has the right to conclude transactions in its own name and for its own benefit in the following cases where there are no customer instructions (orders) regarding its funds and crypto-assets:
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Get a link to the document element when the crypto-exchange receives funds and crypto-assets from counterparties who are not its customers to ensure its liquidity, i.e., to fulfill its accepted (or planned to be accepted) obligations to its customers; Send a proposal for the document Listen to the audio Get a link to the document element when it has sufficient confidence in the full return of funds and crypto-assets received from its customers as a result of the conclusion of such transactions. Send a proposal for the document Listen to the audio Get a link to the document element Funds and crypto-assets must be returned by the crypto-exchange within the agreed period. The contract may provide for the collection of interest for the use of the customer's funds. Send a proposal for the document Listen to the audio Get a link to the document element
28. A crypto-exchange has the right to allow customers to use its crypto-assets for concluding transactions and fulfilling obligations on the condition that the corresponding amount of crypto-assets (or another crypto-assets of equivalent amount) is returned within the period agreed by the parties on its electronic platform. A crypto-exchange has the right to collect interest from customers for the use of its crypto-assets.
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Chapter 4. Execution of Direct Trades
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29. A crypto-exchange organizes operations aimed at selling and buying crypto-assets by granting customers access to the direct trading venue.
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Access to the direct trading venue is provided on the basis of a separate contract in accordance with the requirements established by these Rules and local documents. Send a proposal for the document Listen to the audio Get a link to the document element
30. A crypto-exchange must ensure the transparency of the process of executing direct trades with crypto-assets, as well as the fulfillment of obligations arising from their results.
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31. Large transactions of a customer are executed only through the direct trading venue by transferring the funds obtained as a result of selling crypto-assets to the customer's account in the commercial bank serving them.
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32. Transactions on the direct trading venue are executed in the following order:
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Get a link to the document element the seller of crypto-assets places an order for the sale of crypto-assets in their personal cabinet, indicating their price requirements for the crypto-assets and the account details in the serving commercial bank; Send a proposal for the document Listen to the audio Get a link to the document element the crypto-exchange stores the seller's crypto-assets on the direct trading venue until the transaction is executed or until the seller's request for the return of these crypto-assets is accepted; Send a proposal for the document Listen to the audio Get a link to the document element the buyer accepts the order and transfers funds to the account provided by the seller in the established manner in national or foreign currency; Send a proposal for the document Listen to the audio Get a link to the document element the buyer submits (attaches) a copy of the document confirming the transfer of funds through their personal cabinet as a document confirming the execution of the transfer; Send a proposal for the document Listen to the audio Get a link to the document element the seller checks their account, ensures the full receipt of funds, and allows the crypto-exchange to send the crypto-assets to the buyer in their personal cabinet. Send a proposal for the document Listen to the audio Get a link to the document element A crypto-exchange has the right to execute trade transactions with crypto-assets in its own name and/or in the name and at the expense of customers based on an instruction contract by transferring funds through the HCCP of the crypto-exchange on the direct trading venue. Send a proposal for the document Listen to the audio Get a link to the document element
33. Cancellation of a transaction, refund of funds, or other disputes between the parties are resolved through negotiations in the established manner.
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34. The conclusion of transactions for the sale and purchase of crypto-assets on the direct trading venue may be carried out in accordance with the mutual agreement of the seller and the buyer.
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35. A crypto-exchange may set and collect a percentage for executing transactions on the direct trading venue.
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36. A crypto-exchange is responsible for the proper organization of transactions between the parties on the direct trading venue in accordance with these Rules and other legislative acts.
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Chapter 5. Conclusion of Transactions Based on Intermediary Relations with Customers
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37. A crypto-exchange has the right to conclude transactions for the sale, purchase, and/or exchange of crypto-assets by establishing intermediary relations through exchange transactions in the following manner, in the interests of customers:
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Get a link to the document element in the name and at the expense of customers based on an instruction contract; Send a proposal for the document Listen to the audio Get a link to the document element in its own name and at the expense of customers based on a commission contract; Send a proposal for the document Listen to the audio Get a link to the document element by other methods not contrary to legislative acts. Send a proposal for the document Listen to the audio Get a link to the document element
38. A crypto-exchange has the right to conclude the transactions specified in paragraph 37 of these Rules:
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Get a link to the document element on its electronic platform; Send a proposal for the document Listen to the audio Get a link to the document element on the electronic platforms and trading systems of other foreign crypto-exchanges. Send a proposal for the document Listen to the audio Get a link to the document element In concluding these transactions, a crypto-exchange, in the interests of customers:
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Get a link to the document element must act conscientiously, reasonably, and professionally, observing legislative acts and the terms of contracts concluded with customers; Send a proposal for the document Listen to the audio Get a link to the document element must inform customers about the risks associated with transactions, their nature, and degree; Send a proposal for the document Listen to the audio Get a link to the document element must conclude transactions on the most favorable terms and at the best price for customers; Send a proposal for the document Listen to the audio Get a link to the document element must not conclude transactions if the prices for the relevant crypto-assets differ significantly (by more than 10 percent) from the market price, unless agreed with the customer in each individual case. Send a proposal for the document Listen to the audio Get a link to the document element In this case, a crypto-exchange must specify in the contract concluded with the customer the procedure for determining the market price of crypto-assets. Send a proposal for the document Listen to the audio Get a link to the document element
Chapter 6. Procedure for Conducting Settlement-Clearing Operations at a Crypto-Exchange
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§ 1. Status, Functions, Rights, and Obligations of the HCCP Send a proposal for the document Listen to the audio Get a link to the document element
39. The HCCP is a structural subdivision of the crypto-exchange, does not have the status of a legal entity, and operates without the right to perform any independent operations and actions in the name of the crypto-exchange not provided for in these Rules.
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40. The HCCP performs the following main functions:
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Get a link to the document element registers clearing participants; Send a proposal for the document Listen to the audio Get a link to the document element ensures the opening and maintenance of accounts for clearing participants; Send a proposal for the document Listen to the audio Get a link to the document element ensures the timely and full execution of mutual settlements on transactions; Send a proposal for the document Listen to the audio Get a link to the document element determines, clarifies, and accounts for mutual obligations, and also keeps separate accounts of the obligations of clearing participants on concluded transactions; Send a proposal for the document Listen to the audio Get a link to the document element forms and provides necessary information to clearing participants based on the results of clearing; Send a proposal for the document Listen to the audio Get a link to the document element ensures the storage of information about transactions being cleared and clearing results in accordance with the requirements of legislative acts; Send a proposal for the document Listen to the audio Get a link to the document element controls the fulfillment of obligations on concluded transactions; Send a proposal for the document Listen to the audio Get a link to the document element ensures the receipt of funds to the crypto-exchange's account. Send a proposal for the document Listen to the audio Get a link to the document element
41. The HCCP has the following rights:
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Get a link to the document element to independently choose the method of conducting clearing; Send a proposal for the document Listen to the audio Get a link to the document element to debit the fine amount from the virtual account of the guilty clearing participant without acceptance, in the event that a clearing participant has not fulfilled or has not fulfilled to the required extent its obligations under a transaction, as well as in the presence of a decision of the crypto-exchange's arbitration and/or disciplinary commission on applying a fine to the clearing participant for violating the rules of crypto-asset trades or contractual obligations; Send a proposal for the document Listen to the audio Get a link to the document element to debit the crypto-exchange's intermediary fees with the recording of transactions; Send a proposal for the document Listen to the audio Get a link to the document element to obtain necessary information from clearing participants for settlement-clearing operations. Send a proposal for the document Listen to the audio Get a link to the document element
42. The HCCP is obliged:
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Get a link to the document element to carry out settlements and mutual settlements only for transactions registered at the crypto-exchange and operations related to them (intermediary fees and other expenses in accordance with legislation); Send a proposal for the document Listen to the audio Get a link to the document element to ensure that the account of obligations of each clearing participant is kept separately; Send a proposal for the document Listen to the audio Get a link to the document element to ensure the confidentiality of information about the content of transactions and not to provide this information to third parties without the consent of clearing participants, except for cases provided for by legislative acts. Send a proposal for the document Listen to the audio Get a link to the document element
43. All actions of the HCCP regarding operations being carried out on the crypto-exchange's electronic platform, including the accounting of funds in the virtual accounts of participants of the crypto-exchange's electronic platform, must be carried out.
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44. It is prohibited for the HCCP and clearing participants to carry out operations on renunciation of monetary claims in favor of other persons using funds from HCCP accounts, except for paid claims.

2-§. Registration of Clearing Participants

After receiving all necessary documents specified in the local documents, HKKP issues the FIC (Financial Intermediary Certificate) necessary for the crypto-exchange client to fulfill obligations and exercise rights under transactions within one business day, and opens the relevant virtual account.
HKKP suspends services to the clearing participant in the cases envisaged in paragraph 69 of these Rules.

3-§. Procedure for Maintaining Accounts at HKKP

The crypto-exchange opens a secondary account for HKKP at the service bank intended for the cash funds account of clearing participants; their accounts are maintained in separate virtual accounts at HKKP.
HKKP maintains the accounts of the virtual accounts of clearing participants.
Closing the virtual account of a clearing participant is carried out by HKKP upon the order of the account owner (or their legal successor), except in the cases specified in paragraph 69 of these Rules.
Before closing the virtual account, the remaining cash funds are transferred to the account numbers of the account owner at the bank according to their order.

Closing the virtual account is carried out only if there are no remaining cash funds in the account.

Changing the virtual account details is carried out when the name or other details of the clearing participant change.
The owner of the virtual account has the right to issue instructions to HKKP regarding:

returning cash funds (part of the cash funds) from the virtual account to their own account at the service bank;
clearing transactions if the transaction was registered in accordance with the local documents of the crypto-exchange and legislative acts.

HKKP may carry out cash fund transfers through virtual accounts only for operations related to the conclusion and performance of transactions.

4-§. Rights and Obligations of Clearing Participants

The clearing participant has the following rights:

participate in clearing for transactions registered by the crypto-exchange;
obtain necessary information about the status of the virtual account and the performance of obligations;
fulfill monetary obligations to the crypto-exchange and counterparties in advance;
withdraw free cash funds from their virtual account to their account at the service bank.

Obligations of the clearing participant:

provide reliable information to HKKP in accordance with these Rules;
fulfill obligations arising before the contract is terminated if the contract is terminated;
comply with the information confidentiality regime;
comply with the requirements established by these Rules.

The interaction of HKKP with clearing participants is carried out on the basis of a clearing service agreement.
The exchange of information regarding clearing and settlement between the crypto-exchange and clearing participants, as well as the performance of contractual obligations by clearing participants, is carried out using information and communication technologies.

5-§. Procedure for Conducting Clearing

After registration, clearing participants transfer cash funds to the secondary account of HKKP opened at the service bank providing services to the crypto-exchange for participation in crypto-asset trades on the crypto-exchange and for fulfilling their obligations.
Clearing participants transfer cash funds as collateral and/or for fulfilling their obligations under transactions to the secondary account of HKKP at the service bank providing services to the crypto-exchange for crediting to the participant's virtual account. The amount of collateral is determined by local documents.
HKKP separately accounts for the cash funds and obligations of each clearing participant in their virtual accounts.
Funds in the virtual accounts of clearing participants at HKKP are used for the following purposes:

mutual settlements between them related to the fulfillment of obligations under transactions;
as collateral for participation in trading sessions;
at the customer's request - to return the clearing participant's funds to their account at the service bank providing services;
to carry out settlements for payment of exchange services;
in other cases related to the conclusion and performance of transactions.

Settlements under transactions are carried out only through the electronic clearing system, except in the cases specified in Chapter 4 of these Rules.

The electronic clearing system carries out control over the coverage of orders before each trading session. Control over the coverage of orders is carried out for orders for transactions concluded within the framework of trading sessions.
The clearing electronic system determines the obligations of clearing participants and places a lien on collateral based on the registry of concluded transactions. The crypto-exchange's brokerage fees are withheld based on tariffs established by the crypto-exchange.
After the transaction is registered, the buyer must transfer additional funds to the secondary account of HKKP to fully cover the obligations under the transaction within the periods specified in the contract. A lien is placed on this amount by HKKP until the seller fully fulfills the obligations.
The list of transactions for which payments have been made serves as the basis for transferring crypto-assets to the seller.
The clearing participant - seller immediately informs HKKP about the transfer of crypto-assets. The cash funds of the seller and buyers under this transaction remain under lien until it is confirmed that crypto-assets have been transferred to the crypto-wallet address of the clearing participant - buyer.

6-§. Procedure for Ensuring the Performance of Concluded Crypto-Exchange Transactions

Closing concluded transactions is carried out in the following cases:

when obligations under the transaction are fulfilled to the required extent by clearing participants - the seller and the buyer;
when obligations under the transaction are not fulfilled by the clearing participant - the seller and the buyer, and after fines are paid by them;
when clearing participants - the seller and the buyer mutually agree to close the transaction, with or without paying a fine;
according to the decision of the arbitration commission;
when clearing participants - the seller and the buyer have no objections within the periods specified in the contract, without fines.

If the clearing participant does not fulfill their obligations under the transaction after the period specified in the contract terms expires, HKKP:

cancels the contract if the payment specified in the contract is not made by the buyer;
cancels the contract according to the decision of the arbitration commission if crypto-assets are not transferred;
transfers a fine in the amount of the collateral to the account of the clearing participant - the seller or the buyer for non-fulfillment of contractual obligations.

7-§. Suspension of Clearing Services

HKKP suspends clearing services to the clearing participant and closes their virtual account in the following cases:

if the contract is terminated in the manner established by legislative acts;
if the clearing participant is liquidated;
according to the decision of the court and other competent authorities.

The crypto-exchange ensures the transfer of cash funds through HKKP and the transfer of crypto-assets registered in the name of the trading participant to their bank account or crypto-wallet address in accordance with the procedure and deadlines specified in the contract for participation in crypto-asset trades upon the request of this participant.

If an operation involving crypto-assets is deemed suspicious, cash transfers and the transfer of crypto-assets are carried out after the crypto-exchange takes measures to prevent the legalization of proceeds from criminal activity, the financing of terrorism, and the financing of the proliferation of weapons of mass destruction.

Chapter 7. Final Provisions

Persons guilty of violating the requirements of these Rules are held liable in the manner established by legislative acts.

APPENDIX

To the Rules for Conducting Crypto-Asset Trades on Crypto-Exchanges

INFORMATION

To be posted on the website of the Crypto-Exchange

General information about the crypto-exchange (managers, history of creation, etc.).
General conditions for the sale of crypto-assets that meet the requirements established by the competent authority.
Local document on the procedure for regulating conflicts of interest arising in the activities of the crypto-exchange.
Information on what actions the customer has the right to take if they are dissatisfied with the actions (inaction) of the crypto-exchange (including the indication of the customer's right to appeal to the court and resolve disputes through mediation).
Information required to be indicated in the advertising of the crypto-exchange's activities in the manner and volume provided for by legislative acts.
Information on crypto-asset trades:
a) time of sale of crypto-assets, quotation sheet; b) information about prices in transactions previously carried out on the crypto-exchange electronic platform with crypto-assets (historical quotations). These prices are indicated for a period of not less than three years prior to the date of posting (disclosure), or if less than three years have passed since the start of the crypto-exchange's activities, for its entire period of activity; c) information about the participation of the crypto-exchange in crypto-asset trades and measures taken by the crypto-exchange to prevent conflicts of interest arising as a result of this participation; d) information about crypto-assets permitted for trading in crypto-asset trades, owned by the crypto-exchange, its employees, founder (participant), or ultimate beneficial owner, must be announced in the following cases:
- if the number of crypto-assets owned by the crypto-exchange, its employee, founder (participant), or ultimate beneficial owner constitutes five percent or more of the total number of crypto-assets on the crypto-exchange;
- if the crypto-exchange, its employee, founder (participant), or ultimate beneficial owner acts as an issuer for the issuance of crypto-assets for their own benefit and/or issues crypto-assets.
Information about the organization providing services for storing (depositing) reports in accordance with the Rules for Conducting Crypto-Asset Trades on Crypto-Exchanges, including its name, location, email address, and phone number.

(National Database of Legislative Information, 15.08.2022, No. 10/22/3379/0743)