HOW DOES A CRYPTO EXCHANGE GET A LICENSE?
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).