On the approval of regulations on the procedure of licensing the activities of service providers in the sphere of crypto-assets turnover (3380-son)

15.08.2022

Order

of Director of the National Agency of Perspective Projects of the Republic of Uzbekistan

[Registered by the Ministry of Justice of the Republic of Uzbekistan on August 15, 2022 Registration No. 3380]

In accordance with the resolutions of the President of the Republic of Uzbekistan dated July 27, 2017 No. RP-3150 “On organizing the activities of the National Agency of Perspective Projects of the Republic of Uzbekistan” and dated July 3, 2018 No. RP-3832 “On measures to develop the digital economy and the sphere of crypto-assets turnover in Republic of Uzbekistan” I hereby resolve:

1. To approve the Regulations on the procedure of licensing the activities of service providers in the sphere of crypto-assets turnover in accordance with Appendix No. 1.

2. Some departmental normative legal acts shall be deemed invalid in accordance with Appendix No. 2.

3. The present order comes into force from the day of its official publication.

Director D. LEE

Tashkent,

14 july 2022,

No. 32

APPENDIX No. 1 to the order of the Director of the National Agency of Perspective Projects of the Republic of Uzbekistan dated July 14, 2022, No. 32

REGULATIONS

on the procedure of licensing the activities of service providers in the sphere of crypto-assets turnover

The present Regulations determine the procedure for licensing the activities of service providers in the sphere of crypto-assets turnover.

Chapter 1. General provisions

1. The following key terms shall be used in these Regulations:

“crypto-asset” means a property right having value and an owner, represented by a set of digital records in a distributed ledger of data;

“distributed ledger of data” means a technology that distributes data across specialised blocks, whereby each new block is linked to the preceding block through a cryptographic signature;

“providers of services in the field of crypto-asset circulation” (hereinafter referred to as “service providers”) means legal entities that are residents of the Republic of Uzbekistan and provide services to individuals and legal entities, including on their behalf, relating to the acquisition, sale, exchange, storage, issuance, placement and management of crypto-assets;

“crypto-exchange” means an organisation that provides an electronic platform for the purchase, sale and/or exchange of crypto-assets;

“mining pool” means an organisation that provides an electronic platform for the pooling of computing capacities for the purpose of supporting the mining process;

“crypto-depository” means an organisation that provides an electronic platform and/or a set of technical and software tools for the issuance, initial placement and safekeeping of crypto-assets;

“crypto-shop” means an organisation that provides an electronic platform and/or a set of technical and software tools for the provision of services relating to the purchase and/or sale of crypto-assets;

“ultimate beneficial owner” means an individual who directly or indirectly establishes a service provider, directly or indirectly owns shares (stocks) in its charter fund (capital), or directly or indirectly owns or controls such person;

“reasoned judgement” means a professional assessment applied by the licensing authority in addition to the requirements established by legislation, whereby the actual substance of the matter under consideration prevails over its formal content. A reasoned judgement shall be based on information obtained by the licensing authority in the course of exercising supervision over the activities of service providers, as well as other information received from individuals and legal entities, international organisations, state bodies, including foreign supervisory authorities and organisations, and other open sources, where such information is material to the formation of the reasoned judgement.

2. Licensing of the activities of service providers is carried out by the National Agency of Perspective Projects of the Republic of Uzbekistan (hereinafter referred to as the licensing authority) in accordance with the scheme in accordance with Appendix No. 1 to these Regulations.

3. Only legal entities — residents of the Republic of Uzbekistan are issued a standard license to carry out the activities of service providers (hereinafter referred to as the license).

4. The types of service providers are:

crypto-exchange;

mining-pool;

crypto-depository;

crypto-store.

5. The license shall be issued separately for each type of service provider.

6. The license shall be issued for an unlimited period.

7. The right to carry out the activities of service providers shall arise from the moment the license is issued.

8. The transfer of a license to another legal entity shall be prohibited.

Chapter 2. Licensing requirements and conditions

9. Licensing requirements and conditions for the activities of service providers are:

a) availability of an electronic platform and (or) a set of technical and software tools located on servers located on the territory of the Republic of Uzbekistan;

b) storage for five years of information on all transactions with crypto-assets, identification data of platform participants, materials on the relationship between the service provider and platform participants (including between platform participants), including business correspondence;

c) compliance with the requirements of the legislation of the Republic of Uzbekistan in the sphere of crypto-assets turnover, countering the legalization of proceeds from criminal activity, financing of terrorism and financing of the proliferation of weapons of mass destruction, as well as the storage and use of personal data;

d) compliance with the requirements for advertising in the sphere of crypto-assets turnover, provided for in clause 11 of these Regulations;

e) non-execution of hidden mining (the activity of mining on the computing power of third parties without their knowledge or consent using special software) and operations with anonymous crypto-assets, including the mining of anonymous crypto-assets (crypto-assets operating on the principle anonymity);

f) provision free of charge at the request of the licensing authority of information related to the implementation of the activities of the platform;

g) in full and timely payment of fees for carrying out activities in the sphere of crypto-assets turnover established by legislative acts;

h) the following persons shall be denied access to management of service providers:

involved or suspected of participating in terrorist activities or proliferation of weapons of mass destruction;

having an outstanding or unexpunged conviction for committing economic crimes, as well as crimes related to the legalization of proceeds from criminal activity, terrorism and the proliferation of weapons of mass destruction, as well as their financing, organized crime, drug trafficking, corruption and information technology;

i) prevention from participation in the charter fund (capital) of service providers of the persons specified in paragraph “h” of this clause, as well as companies registered in offshore zones.

10. Additional licensing requirements and conditions for crypto-exchanges are:

implementation of quotations for crypto-assets based on the ratio of supply and demand for them;

a formed (paid up) charter fund (capital) in the amount of at least five thousand basic calculated amounts (BCA) in the form of funds as of the date of application, of which three thousand BCA are reserved on a separate account in a commercial bank of the Republic of Uzbekistan.

11. Advertising of crypto-assets and activities of service providers shall meet the following requirements:

(a) a warning shall be displayed stating that crypto-assets do not constitute a means of payment or a means of accepting payment in the Republic of Uzbekistan (except in cases provided for by legislative acts), are not guaranteed by the State, and that transactions involving crypto-assets entail risks, including the possibility that funds or other objects of civil rights exchanged for crypto-assets may be lost in full as a result of fluctuations in the value of crypto-assets, technical failures (errors), unlawful actions, or theft;

b) the content of advertisement shall include an offer, which shall provide for all the conditions of the proposed contract, as well as a description of the actions for accepting this offer;

c) if the advertisement describes indicators that took place in the past, simulated indicators and indicators that may take place in the future, then such advertisement shall unambiguously explain to its costumers the essence of such indicators and the probabilistic nature of the conclusions made on their basis, in compliance with requirements of the legislation on advertising;

d) the advertisement shall not contain:

promises or guarantees about the effectiveness (profitability) of activities related to the use of crypto-assets and this service provider, except for cases where advertising indicates information about the effectiveness of such activities for the previous period, confirmed by an audit organization;

information about bonuses and discounts;

information about transactions with crypto-assets as an easy way to get rich;

statements about the significance of activities related to the use of crypto-assets to achieve professional or personal success;

images of minors;

statements condemning non-participation in the implementation of activities related to the use of crypto-assets or the activities of a service provider.

12. The charter fund (capital) of service providers shall be formed exclusively from the funds and other property of its founders.

The use of funds received on credit or secured by a pledge, and other attracted funds for the purposes of formation of the charter fund (capital) of service providers shall not be allowed.

13. It is forbidden to use the words “state”, “government”, “national”, “Uzbekistan”, full or abbreviated names of cities of the republic in any language and in any form in the name and symbols of service providers.

Chapter 3. Documents presented to obtain a license

14. To obtain a license, the license applicant shall submit the following documents to the licensing authority:

a) an application indicating the name and organizational and legal form of the legal entity, postal address, taxpayer identification number (TIN), place of business, e-mail address, name of the bank institution and current account, required licensed sub-type of activity, purpose of application (obtaining a new license or re-issuance), consent to comply with license requirements and conditions;

b) information about the management (head and deputies) and the founders of the license applicant in accordance with Appendix 2 to these Regulations. At the same time, information about the founders is indicated up to the ultimate beneficial owner.

c) where the management (head, their deputies) and founders of the license applicant are foreign citizens, a certificate of no criminal record for the crimes provided for in subparagraph "z" of Paragraph 9 of this Regulation, obtained from the competent authority of the relevant foreign country, legalized or apostilled in the prescribed manner, as well as its notarized translation into the state language of the Republic of Uzbekistan;

d) for the implementation of the activities of the crypto-exchange, a certificate from a commercial bank on depositing funds to form the charter fund (capital), as well as reserving a part of the charter fund (capital).

For citizens of the Republic of Uzbekistan — managers (head and deputies) and founders of the license applicant the licensing authority shall independently check information provided for in paragraph “h” of clause 9 of these Regulations regarding.

The documents specified in this clause shall be signed (confirmed) by the head of the license applicant.

Imposing any requirements to the license applicant to submit documents not provided for by these Regulations shall not allowed.

15. Information about received applications shall be posted on the official website of the licensing authority.

Chapter 4. Consideration of the application and decision to issue a license or to refuse to issue a license

16. There shall be no fee charged for consideration by the licensing authority of documents for issuing a license.

17. The decision to issue or refuse to issue a license is made within a period not exceeding twenty working days from the date of receipt of the license applicant's application.

18. The expert commission, the composition of which is approved by the head of the licensing authority, within a period not exceeding fifteen working days, considers the submitted documents and prepares an opinion on them on issuing or refusing to issue a license.

19. The licensing authority, within four working days, makes a decision to issue or refuse to issue a license, based on the conclusion of the expert commission.

20. The licensing authority notifies the license applicant of the decision taken within one working day after the adoption of the relevant decision.

A notice of a decision to issue a license is sent (delivered) to the license applicant, indicating the details of the bank account and the deadline for paying the state fee.

21. A license is issued within three days after the license applicant pays the state fee for issuing a license.

22. The license is issued in the form of an electronic document with a QR code (matrix barcode) and published on the official website of the licensing authority.

A license issued in electronic form can be printed by interested parties in paper form. At the same time, licenses printed in paper form are equated to licenses issued in electronic form.

23. If the licensee has not paid the state fee for issuing a license within thirty days from the date of receipt of the notification of the decision to issue a license, the licensing authority has the right to decide to cancel the license.

24. The following shall constitute grounds for refusing an application for the grant of a licence:

the submission by the licence applicant of an incomplete set of documents provided for in paragraph 14 of these Regulations;

the licence applicantʼs failure to comply with the licensing requirements and conditions;

the existence of a prohibition, for a period of one year, on obtaining a licence or, pursuant to a court decision (judgment), on engaging in a particular type of activity;

the presence of false or distorted information in the documents submitted by the licence applicant;

the existence of information indicating that the licence applicantʼs officials and/or founders have participated in, or are suspected of participating in, the offences specified in subparagraph (z) of paragraph 9 of these Regulations;

the reasoned judgment of the licensing authority.

Refusal to grant a licence on any other grounds shall not be permitted.

25. If the cases specified in paragraph two of clause 24 of these Regulations are identified, if there are correctable shortcomings, the licensing authority provides the applicant with a period to eliminate them. Notice of the need to eliminate deficiencies is sent to the applicant within one working day.

26. The notice shall be sent indicating the deficiencies identified in the submitted documents, and ways to eliminate them, as well as the period during which the applicant can re-submit the relevant documents for consideration by eliminating these deficiencies. The period specified in the notice must be proportionate to the time required to eliminate the deficiencies, but not more than thirty working days.

27. When a notice is sent on the elimination of deficiencies, the period for considering an application for a license is suspended.

28. The licensing authority has the right to decide to refuse to issue a license in case of re-submission of documents without eliminating the shortcomings indicated in the notice, or after the expiration of the period specified in the notice. At the same time, a refusal to issue a license on new grounds not specified in the notice on the elimination of deficiencies shall not be allowed.

29. A notice of refusal to issue a license is sent to the license applicant indicating the reasons for the refusal, specific legal norms and the period during which the applicant, having eliminated the indicated reasons, can submit documents for reconsideration.

The period during which the license applicant has the right to eliminate the reasons for the refusal and submit documents for reconsideration cannot be less than ten working days from the date of receipt of the notice of refusal to issue a license.

30. If the license applicant eliminates the reasons that served as the basis for refusing to issue a license within the prescribed period, re-consideration of documents, the issuance of a license or refusal to issue it are carried out by the licensing authority within a period not exceeding five working days from the date of receipt of the applicant's application to eliminate the reasons refusal and relevant documents certifying the elimination of the reasons for the refusal. There is no fee for re-examination of applicant's applications.

31. During the re-examination of documents, the licensing authority shall not be permitted to state reasons for refusal that were not previously disclosed to the applicant, except for cases related to the confirmation of the elimination of previously indicated reasons and the circumstances provided for in the sixth paragraph of Paragraph 24 of this Regulation.

32. An application filed by the license applicant after the expiration of the period specified in the notice of refusal to issue a license is considered to be re-submitted and considered by the licensing authority on a general basis.

Chapter 5. Re-issuance of the license

33. In case of transformation of a licensee-legal entity, change of its name or location (postal address), the business entity or its successor shall, within five working days after re-registration, submit to the licensing authority an application for re-issuance of a license with attachment of documents confirming the specified information.

34. In the event of a merger of legal entities that, as of the date of state registration of the newly emerged legal entity, have a license to carry out the same activity, it is allowed to reissue the license in the manner prescribed by clause 33 of these Regulations.

35. The documents required for reissuing a license are submitted by the licensee in the manner prescribed by paragraph one of clause 14 of these Regulations.

36. Prior to reissuing a license, the licensee or its successor shall carry out the activities specified in it on the basis of the submitted application for reissuing a license.

37. When reissuing a license, the licensing authority makes appropriate changes to the electronic register of licenses (hereinafter referred to as the register of licenses).

38. Re-issuance and further delivery of a re-issued license are carried out within a period of not more than five working days from the date of receipt by the licensing authority of an application for re-issuance of a license with the application of relevant documents.

Chapter 6. Suspension, termination and cancellation of a license

39. The license may be suspended in the following cases:

detection of violations by the licensee of license requirements and conditions;

non-compliance by the licensee with the decision of the licensing authority obliging it to eliminate the identified violations.

40. Suspension of a license shall be carried out by the licensing authority for up to ten days, and by the court — for a period of more than ten days, but not more than six months.

41. The licensing authority shall set a deadline for the licensee to eliminate the circumstances that led to the suspension of the license.

In this case, the specified period cannot be less than five working days from the date of receipt by the licensee of the decision to suspend the license.

42. The decision of the licensing authority to suspend the license is communicated to the licensee no later than one business day from the date of its adoption in writing or via e-mail, indicating the reasons for the suspension of the license and specific legislation.

43. If the causes and shortcomings that were the basis for the suspension of the license are not eliminated within the time limits established by the licensing authority, the licensing authority submits a claim to the court to extend the period of suspension of the license or to make a decision to cancel the license.

44. If the licensee eliminates the circumstances that led to the suspension of the license, the licensee sends confirmation of this to the licensing authority.

The licensing authority is obliged, within three working days from the date of receipt of the confirmation, to decide on the renewal of the license.

45. The licensing authority, within a period not exceeding one working day after the decision to renew the license, places information on the renewal of the license in the register of licenses.

46. If the licensing authority does not make a decision within three working days to renew the license or to refuse to renew the license, the licensee after the expiration of the specified period may continue its activities with a notification to the licensing authority.

47. The licensee in the event of a temporary suspension of its activities, may apply to the licensing authority with an application to suspend the license for a period of up to six months.

If the licensee within six months after the suspension of the license has not applied to the licensing authority with an application to renew the license, then the license is terminated.

48. Information on the suspension and renewal of a license must be placed in the register of licenses of the licensing authority within one working day from the date of the adoption of the relevant decision.

49. The license is terminated in the following cases:

cancellation of the licensing procedure;

non-applying within six months by the licensee to the licensing authority with an application to renew the license (if it had previously applied to the licensing authority with an application to suspend the license for a specified period).

In cases of termination of a license, the decision by the licensing authority to terminate the license is not required.

50. The license is canceled in the following cases:

the licensee's application for license cancellation;

liquidation of a legal entity — from the moment of liquidation or termination of its activities as a result of reorganization — from the moment of reorganization, with the exception of its transformation, as well as a merger if the reorganized legal entities have, as of the date of state registration of the newly established legal entity, a license to carry out the same licensed type of activities;

non-payment of the state fee for the issuance of a license within the prescribed period;

failure by the licensee to eliminate the circumstances that led to the suspension of the license, within the period established by the licensing authority or the court;

establishing the illegality of the decision of the licensing authority to issue a license;

systematic (two or more times within one year) or a single gross violation by the licensee of the license requirements and conditions provided for in clause 54 of these Regulations;

establishing the fact of obtaining a license using false documents.

In the cases provided for in the seventh and eighth paragraphs of this Clause, a license shall not be re-issued for a period of one year. This requirement shall also apply to new business entities established by the founder or the beneficial owner of the licensee.

51. Cancellation of a license is carried out by decision of the licensing authority in the cases specified in paragraphs two to four of clause 50 of these Regulations.

The license is cancelled by the court in the cases specified in paragraphs five to eight of clause 50 of these Regulations.

The licensing authority, no later than one working day from the date of applying to the court with an application for the annulment of the license, informs the licensee of the grounds for applying to the court with an application for the cancellation of the license, indicating specific norms of legislation.

52. If the license is canceled on the grounds specified in paragraph eight of clause 50 of these Regulations, the license is considered canceled from the date of its issuance.

53. The licensing authority, no later than one business day from the date of the decision to cancel the license, informs the licensee of the grounds for canceling the license, indicating specific norms of legislation.

The licensing authority, within one working day, enters information about canceled licenses into the register of licenses.

54. A single gross violation of license requirements and conditions includes:

a) implementation of hidden mining and operations with anonymous crypto-assets, including mining of anonymous crypto-assets;

b) management of the licensee by persons:

involved or suspected of participating in terrorist activities or proliferation of weapons of mass destruction;

having an outstanding or unexpunged conviction for committing economic crimes, as well as crimes related to the legalization of proceeds from criminal activity, terrorism and the proliferation of weapons of mass destruction, as well as their financing, organized crime, drug trafficking, corruption and information technology;

c) participation in the charter fund (capital) of the licensee of the persons specified in paragraph “b” of this clause and companies registered in offshore zones;

d) use for the formation of the charter fund of service providers of funds received on credit or secured by a pledge, and other attracted funds;

e) reduction of the size of the charter fund of the crypto-exchange to the amount below the established licensing requirements and conditions;

f) placement an electronic platform and (or) a set of technical and software tools on servers located outside the territory of the Republic of Uzbekistan.

Systematic violations, two or more times within one year, include violations of license requirements and conditions not specified in paragraphs “a” — “f” of this clause.

Chapter 7. Control over the compliance with license requirements and conditions

55. Control over compliance by the licensee with licensing requirements and conditions is carried out by the licensing authority in the manner prescribed by law.

56. When exercising control over compliance by the licensee with licensing requirements and conditions, the licensing authority, within its competence, has the right to:

require the service provider to comply with the legislation on the crypto-assets turnover;

conduct checks of compliance by licensees with license requirements and conditions in the manner prescribed by law;

request and receive from the licensee the necessary information on issues that arise during the verification of compliance with license requirements and conditions;

draw up, based on the results of inspections, acts (certificates) indicating specific violations by the licensee of license requirements and conditions;

make decisions obliging the licensee to eliminate the identified violations, set deadlines for the elimination of such violations;

in cases established by law, make decisions and (or) apply to the court on the issue of suspension, termination or cancellation of licenses;

in accordance with the established procedure, send to the relevant authorities materials on the revealed facts of the activities of a service provider without a license for the adoption of measures provided for by law.

57. When checking compliance with licensing requirements and conditions, the inspectors of the licensing authority draw up an act in two copies, one of which is transferred to the licensee, the second remains with the licensing authority

Chapter 8. License register

58. The licensing authority maintains a register of licenses by type of service provider.

The register of licenses must include:

name of the legal entity — the licensee, its organizational and legal form, location (postal address), e-mail address, taxpayer identification number (TIN), telephone number;

information on the founders' shares in the charter capital (fund);

date and serial numbers of issued licenses;

grounds and dates for re-issuance, suspension, renewal, termination, cancellation of licenses.

59. The information contained in the register of licenses is posted on the website of the licensing authority and is open for review.

Chapter 9. Final provisions

60. Decisions of the licensing authority to refuse to issue a license, to suspend a license, to cancel a license, as well as actions (inaction) of an official of the licensing authority may be appealed to the court in accordance with the established procedure.

61. Persons guilty of violating the requirements of these Regulations are liable in accordance with the law.

APPENDIX No. 1 to the Regulations on the procedure of licensing the activities of service providers in the sphere of crypto-assets turnover

SCHEME

of licensing of the activity of service providers

Stage Subjects Actions Terms 1st stage License applicant — legal entity 1. Prepare applications and documents to obtain a license 2. Submit the application the documents to the licensing authority At the discretion of the license applicant 2nd stage Licensing authority Licensing authority accepts the application and the documents the date of submission 3rd stage Licensing authority 1. Considers the applications and the relevant documents and makes a decisions to issue or refuse to issue a license. Within 20 business days Licensing authority 1. Expert commission, the composition of which is approved by the head of the licensing authority, considers the submitted documents and prepares an opinion on them on issuing or refusing to issue a license. Within 15 business days 2. Based on the conclusion of the expert commission, the licensing authority makes a decision to issue or refuse to issue a license. Within 4 business days 3. The licensing authority notifies the license applicant of the decision taken. Within 1 business day 4th stage License applicant In case of the positive decision to issue a license, license applicant pays the state fee Within the period established by the licensing authority 5th stage Licensing authority 1. After the payment of the state fee, the licensing authority issues the license and posts it on its official website. Within 3 business days 2. In case of failure to pay by the licensee the state fee a decision to cancel the license is taken. After 1 month after the decision to issue the license 6th stage Licensing authority If there are correctable shortcomings, the licensing authority provides the applicant with a relevant notice with a period of no more than 30 days to eliminate them. Within one business day 7th stage License applicant Submits to the licensing authority the relevant documents with the eliminated shortcomings. Within the period specified in the notice 8th stage License applicant In case of refusal to issue a license, the license applicant, having eliminated the reasons for refusal, submits documents for reconsideration. Within the period specified in the refusal notice 9th stage Licensing authority Reviews the documents re-submitted by the license applicant and makes a decision on issuing or refusing to issue a license. Within 5 business days 10th stage Licensee 1. In case of transformation of the licensee-legal entity, change of its name or location (postal address), the business entity or its successor submits to the licensing authority an application for renewal of the license. Within 5 business days after the re-registration 2. In the event of a merger of legal entities that, as of the date of state registration of the newly emerged legal entity, have a license to carry out the same activity, licensee submits an application to the licensing authority for renewal of the license. Prior to the re-issuance of the license 3. On the basis of the submitted application for renewal of the license, carries out the activities specified in it.. 11th stage Licensing authority 1. Renews and issues a license upon receipt of an application for reissuing a license with the relevant documents attached. 2. Makes appropriate changes to the license renewal in the electronic register of licenses. Within 5 business days 12th stage Licensing authority 1. Makes decisions on the suspension and termination of the license, as well as the cancellation of the license. In case of occurrence of certain grounds 2. Performs control over the compliance with license requirements and conditions. constantly

APPENDIX No. 2 to the Regulations on the procedure of licensing the activities of service providers in the sphere of crypto-assets turnover

INFORMATION

On the management (head and deputies) and founder of the service provider

Table No. 1 Management (head and deputies) of the service provider Position Full name Citizenship PINPP (for residents of the Republic of Uzbekistan) Identification document Type of the document Series and No. Date of issuance and expiry Issued by 1 2 3 4 5 6 7 8

Table No. 2 Founders of the service providers Full name or the legal entity name Share size Citizenship (for individuals) or place of state registration (for legal entities) PINPP (for individuals — residents of the Republic of Uzbekistan) or TIN (for legal entities — residents of the Republic of Uzbekistan) Identification or state registration documents Type of the document Series and No. Date of issuance and expiry Issued by 1 2 3 4 5 6 7 8

APPENDIX No. 2 to the order of the Director of the National Agency of Perspective Projects of the Republic of Uzbekistan dated July 14, 2022, No. 32

LIST

Of departmental normative legal acts deemed to be invalid

1. Order of the National Agency for Project Management under the President of the Republic of Uzbekistan dated January 21, 2019 No. 16 “On approval of the Regulations on the procedure for licensing the activities of crypto-exchanges” (reg. No. 3127 dated January 22, 2019) (National Database of legislation, 23.01.2019 city, No. 10/19/3127/2525).

2. Order of the National Agency for Project Management under the President of the Republic of Uzbekistan dated February 18, 2019 No. 41 “On amendments to clause 10 of the Regulations on the procedure for licensing the activities of crypto-exchanges” (reg. No. 3127-1 dated February 22, 2019) (National Database of legislation, February 22, 2019, No. 10/19/3127-1/2657).

3. Order of the National Agency for Project Management under the President of the Republic of Uzbekistan dated June 19, 2019 No. 111 “On Amending Clause 8 of the Regulations on the Procedure for licensing the activities of crypto Exchanges” (reg. No. 3127-2 dated July 8, 2019) (National Database of legislation, 07/08/2019, No. 10/19/3127-2/3389).

4. Order of the Director of the National Agency for Project Management under the President of the Republic of Uzbekistan dated December 6, 2019 No. 172 “On amendments and additions to the Regulation on the procedure for licensing the activities of crypto-exchanges” (reg. No. 3127-3 dated December 20, 2019) (National Database of legislation, 12/20/2019, No. 10/19/3127-3/4185).

5. Order of the Director of the National Agency for Project Management under the President of the Republic of Uzbekistan dated April 30, 2021 No. 12 “On Amendments to the Regulations on the Procedure for licensing the activities of crypto-exchanges” (reg. No. 3127-4 dated May 17, 2021) (National Database of legislation, May 17, 2021, No. 10/21/3127-4/0464).

6. Order of the Director of the National Agency for Project Management under the President of the Republic of Uzbekistan dated July 29, 2021 No. 24 “On Amendments to the Regulation on the Procedure for licensing the activities of crypto-exchanges” (registration No. 3127-5 dated August 5, 2021) (National Database of legislation, 08/05/2021, No. 10/21/3127-5/0757).

7. Order of the Director of the National Agency for Project Management under the President of the Republic of Uzbekistan dated November 11, 2021 No. 34 “On amendments and additions to Appendix No. 1A of the Regulation on the procedure for licensing the activities of crypto-exchanges” (reg. No. 3127-6 dated November 22, 2021 ) (National Database of Legislation, 11/22/2021, No. 10/21/3127-6/1081).

8. Order of the Director of the National Agency for Project Management under the President of the Republic of Uzbekistan dated December 10, 2021 No. 37 “On Amendments to the Regulations on the Procedure for licensing the activities of crypto-exchanges” (registration No. 3127-7 dated December 24, 2021) (National Database of legislation, December 24, 2021, No. 10/21/3127-7/1197).