Uzbekistan has introduced amendments to the licensing rules governing crypto-asset service providers, adding new compliance requirements for ownership, management, and regulatory approval procedures.
The amendments and additions to the Regulation on the Procedure for Licensing the Activities of Service Providers in the Field of Crypto-Asset Circulation have been registered by the Ministry of Justice.
Under the updated rules, crypto-asset service providers cannot be managed by individuals who permanently reside, stay, or are registered in countries that do not participate in international cooperation on combating money laundering, terrorist financing, and the financing of the proliferation of weapons of mass destruction.
The amendments also require licensed providers to obtain prior approval from the licensing authority before selling shares in their authorized capital to individuals or legal entities, including non-residents.
In addition, service providers must receive approval before appointing or replacing their chief executive, deputy executives, or the head of the division responsible for anti-money laundering and counter-terrorist financing compliance.
According to the new regulations, the licensing authority must decide whether to approve or reject an application within 10 working days from the date it is received. The document also states that no fee will be charged for reviewing applications or issuing licensing decisions.
The amendments follow the introduction of a separate regulatory framework for stable tokens. On April 15, Uzbekistan registered a procedure establishing a special legal regime for regulating the circulation of stable tokens. Under the framework, stable tokens may be used as a means of payment throughout the country.
The regulations require stable tokens to be fully backed by funds held in either national or foreign currency. The reserves must be maintained in a separate account with the Central Bank.
The rules also prohibit the use of borrowed funds or assets pledged as collateral to provide backing for stable tokens.
According to the new regulatory measures, the changes are intended to strengthen oversight of crypto-asset service providers while establishing licensing and compliance requirements for participants in Uzbekistan's digital asset market.
