Uzbekistan issued its first cryptocurrency depository license. This is reported by the National Agency of Perspective Projects of the Republic (NAPP).
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Uzbekistan issues first license for cryptocurrency depository
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The license was granted to the company, which is a subsidiary of the brokerage firm Lockton Solution LLC-FZ from the UAE. And Lockton’s technical partner is Distributed Lab.<br
Under local law, a cryptocurrency depository is a legal entity that provides an electronic platform for the issuance, initial placement and storage of digital assets.
According to
country’s legislation, cryptocurrency is not a means of payment. From January 1, 2023, citizens and legal entities can circulate cryptoassets, but only through national service providers. Liability for operating without a license: maximum fine of 100 basic calculation units (equivalent to minimum wage, one BRV = 330,000 sums = $26.3) or compulsory community service from 300 to 480 hours. Tax evasion: a maximum fine of 300 to 600 basic calculation units or restriction of liberty for three to five years, or imprisonment for three to five years.
Late last year the NAPP issued a new regulation on the registration, issuance and circulation of cryptoassets. The regulator made cryptocurrency depositories responsible for providing services for the issuance, registration, circulation and storage of digital assets.