The National Agency for Advanced Projects (NAPP) issued LLC NAQD-EX a license to operate a crypto store in the territory of Uzbekistan.
The National Agency for Advanced Projects (NAPP) issued LLC NAQD-EX a license to operate a crypto store in the territory of Uzbekistan.
This decision was made in accordance with the Regulation on the procedure for licensing service providers in the field of crypto asset circulation, according to information provided by the National Agency for Advanced Projects of the Republic of Uzbekistan.
The license was granted based on licensing rules registered by the Ministry of Justice under number 3380 on August 15, 2022.
NAPP reported that information about the issued license has been entered into the electronic register of licenses in accordance with established procedures.
The National Agency for Prospective Projects (NAPP) of Uzbekistan has annulled the permit of Toshkent Investitsiya Majmui LLC to carry out professional activities as an investment intermediary in the securities market.
According to the agency's statement, this decision was made in accordance with Article 33 of the Law of the Republic of Uzbekistan 'On Licensing, Permitting, and Notification Procedures,' as well as Paragraph 49 of the Regulation on the Procedure for Licensing Professional Activities of Investment Intermediaries and Fiduciary Managers of Investment Assets in the Securities Market.
License No. 1424, which was issued to the company on August 16, 2023, has been revoked. This decision came into force on July 29, 2026. Furthermore, NAPP reported that the relevant changes have been made to the register of participants in the professional securities market, which is published on the agency's official website.
Uzbekistan has permitted stablecoin issuers to use government securities as collateral for digital assets.
Amendments to the rules governing the special legal regime for testing crypto technologies have been officially registered by the Ministry of Justice. Previously, participants in the experimental regulatory regime were only allowed to issue stablecoins provided they were backed by collateral in national or foreign currency.
Under the updated rules, issuers can now use their own government securities as collateral. The monetary collateral must be placed in a special account at the Central Bank, and the government securities must be blocked by the Central Depository in favor of the regulator according to established deposit procedures.
The issuer retains the right to receive income and interest generated by these securities. The document also sets requirements for the volume of collateral. The total value of funds held in the special account at the Central Bank and the nominal value of the blocked government securities must not be less than the total nominal value of all circulating stablecoins.
Furthermore, the new rules prohibit the use of borrowed funds, pledged assets, or any other borrowed resources as collateral.
The Ministry of Justice of Uzbekistan has introduced amendments to the procedure for operating a special legal regime designed for testing crypto technologies under regulatory supervision. These changes concern the rules for issuing stablecoins.
Previously, participants in the experimental regime were only allowed to issue stablecoins provided they had backing in the form of national or foreign currency. Now, issuers have access to using government securities owned by the issuer itself as collateral for digital assets.
According to the updated regulations, funds must be placed in a dedicated account at the Central Bank. Simultaneously, government securities are blocked through the Central Depository on behalf of the regulator, following established depository procedures. It is important to note that the issuer retains the right to receive income and interest from these securities.
An mandatory condition has been introduced to ensure the security of holders of digital assets: the total value of funds held in the Central Bank's account, along with the nominal value of the blocked government securities, must equal or exceed the total nominal value of all stablecoins in circulation. Furthermore, forming this collateral using borrowed funds, loans, or pledged property is prohibited.
It should be recalled that an organized criminal group engaged in illegal trading of crypto assets was previously liquidated in Tashkent. According to investigative bodies, the volume of turnover of this criminal scheme reached $1.5 million.
