Procedure for licensing crypto-exchange in Uzbekistan is approved 

In accordance with the order of the Director of the National Agency of Project Management, the procedure for licensing crypto-exchange has been approved.

The document defines terms such as blockchain (a distributed data registry, in which all data is written sequentially and distributed in blocks, at the same time each new block will be associated with the previous block of a cryptographic signature), a crypto-active (set of entries in the blockchain having value and owner) crypto-exchange (an organization that provides an e-platform for the exchange, purchase and sale of crypto-active assets).

As mentioned earlier, only foreign companies can set up crypto-exchanges through opening subsidiary or other enterprises in Uzbekistan. They must meet the below specific requirements:

•  availability of authorized capital in the amount of not less than 30,000 MMW;

•  presence of a functioning e-system of crypto-exchange trades that are located on servers within the country;

•  existence of crypto-stock exchange trading rules (procedure for admission to trading, the amount of payment, registration of transactions, etc.);

•  storage of information on operations, identification data, business correspondence for 5 years;

•  and others.

It is emphasized that local companies cannot even be co-founders (have a share in the authorized funds of foreign companies or their subsidiaries).

The license is issued for an indefinite period. In case of violation of the rules and requirements, its action may be suspended or even canceled.

The document also approves the licensing scheme (six stages), including a description of the software and hardware on implementing crypto-exchange.