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Approved Regulations on the procedure for licensing activities of crypto-exchange (reg. No. 3127 dated January 22, 2019). Last year in Uzbekistan began to form a legal basis in the field of turnover of crypto assets. In particular, this type of activity, including the creation of crypto-stock exchanges on trade in crypto-assets, was classified as licensed (from October 1, 2018). Licensing authority defined National Agency Project Management (hereinafter referred as “NAPM”). Then set the licensing requirements and conditions, as well as the limits of authority of crypto-exchanges. The activity of a crypto-exchange can only be carried out by a subsidiary or other enterprise on the basis of a license issued by a foreign parent company. It is clarified that legal entities - residents of Uzbekistan cannot participate in the authorized capital of these enterprises. To obtain a license, you need to submit to NAPM (by request, by mail or electronically): a statement indicating the name and legal form of the legal entity , its location (postal address), e-mail, the name of the bank institution and the deposit account number in demand the bank; a copy of the certificate of state registration of the applicant; description of the hardware and software implementation of the crypto-exchange (in the approved form); a copy of the approved rules of crypto-exchange trading; certificate of a commercial bank on the availability of a reserved amount of the statutory fund (20 000 minimum wage in the form of cash).

For consideration of documents no fee is charged. The consideration period is 20 days, following the results of which conclusions are prepared on issuing a license or on refusal. The final decision is made on the basis of a conclusion within 7 days, of which the applicant is notified within 3 days.
They can refuse only in three cases:
 if the documents submitted by the applicant are improperly executed;
 if there are false or distorted information in the documents;
if the applicant does not meet the licensing requirements and conditions.
Licenses are issued in the form of electronic documents, certified by Electronic Digital Signature director of the NAPM or his deputy, and published on the Agency's website. The licensee may issue a paper version upon request. The amount of state duty for issuing a license is not specified in the document and is determined by the licensing authority.
Oleg Zamanov