On the approval of the regulations for trading of crypto assets on crypto exchange (3379-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. 3379]

In accordance with the resolution 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” I hereby order:

1. To approve the Regulations for trading of crypto-assets on crypto-exchange in accordance with the Appendix

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

Director D. Lee

Tashkent,

July 18, 2022

№ 33

APPENDIX to the order of the Director of the National Agency of Perspective Projects of the Republic of Uzbekistan dated July 18, 2022, No. 33

REGULATIONS

for trading of crypto-assets on crypto-exchange

The present Regulations define the rules for organizing and carrying out trading in crypto-assets on a crypto-exchange.

Chapter 1. General provisions

1. The following concepts are used in these Regulations:

clients — individuals and legal entities, including foreign individuals and legal entities, concluding agreements with the crypto-exchange for the implementation of operations with crypto-assets on the crypto-exchange;

clearing — complex of operations, aimed at determining, clarifying and offsetting mutual obligations of crypto-exchange clients, as well as mutual settlements between them;

quotation list — a list of crypto-assets that meet the criteria specified by the crypto-exchange, admitted by it to trading in crypto-assets;

Settlement and Clearing House (hereinafter referred to as SCH) — a structural subdivision of a crypto-exchange that provides for clearing, settlements and mutual settlements on crypto-exchange transactions through an electronic clearing system;

SCH secondary account — crypto-exchange secondary demand deposit accounts, opened with a bank servicing the crypto-exchange, for storing buyers' and sellers' funds and making settlements on transactions;

individual user number (hereinafter — IUN) — a unique code assigned to the clearing participant;

virtual account — a special account opened with the SCH of the crypto-exchange for clearing operations;

platform for direct trading — an electronic platform operating as part of the electronic platform of a crypto-exchange, designed to carry out transactions for the purchase and sale of crypto-assets;

platform for trading in non-fungible tokens — an electronic platform operating as part of the electronic platform of a crypto-exchange, designed to carry out operations for the issuance and emission of a non-fungible token;

token — a type of crypto-asset, which is an accounting unit in a distributed data registry, which serves to certify the obligation or ownership of a certain asset, which is managed on the basis of a smart contract;

smart contract — an agreement in electronic form, under which the execution of rights and obligations is carried out by an automatic performance of digital transactions;

secured token — a token secured by some tangible or other property;

non-fungible token — a separate type of crypto-asset, not secured by tangible and (or) other property, certifying the owner's right to unique content (text, audiovisual, musical, photographic works, as well as works of fine art, etc.) in digital form;

stable token — a type of a secured token, the value of which is equated to the nominal value of a foreign currency;

issuance of a token — organizational and technical measures aimed at the emergence of a token;

registration of the issue of a secured token —registration of an issued secured token for the purpose of listing it;

listing — the process of admitting crypto-assets by a crypto-exchange for circulation on the electronic platform of a crypto-exchange;

delisting — the process of withdrawal by a crypto-exchange of crypto-assets that have passed the listing process from circulation on the electronic platform of the crypto-exchange;

initial placement of a secured token — the process of putting secured tokens into circulation for sale on the electronic platform of a crypto-exchange in order to attract investments and finance activities;

crypto-wallet — a software or software and hardware tool designed to store and manage crypto-assets;

crypto-wallet address — a unique combination consisting of letters, numbers and symbols in a distributed data registry, which is used to send and receive crypto-assets from one crypto-wallet to another;

clearing participant — a client of a crypto-exchange who has sent an acceptance and registered in the SCH in accordance with the procedure established by these Regulations;

trading participants — clients admitted by the crypto-exchange to trading in crypto-assets;

trading in crypto-assets — the process of making transactions for the sale and purchase of crypto-assets for national and (or) foreign currency or the exchange of crypto-assets of one type for crypto-assets of another type on the electronic platform of the crypto-exchange;

electronic platform of a crypto-exchange — an information system and (or) a software and hardware complex of a crypto-exchange, within which the following are carried out:

acceptance, control and registration of applications for participation in the trading of crypto-assets;

acceptance, control and registration of applications for the purchase, sale and (or) exchange of crypto-assets;

acceptance, control and registration of applications for participation in the trading of crypto-assets on the platform for direct trading;

listing and delisting of crypto-assets;

initial placement and storage of secured tokens;

emission of non-fungible tokens;

transactions for the purchase, sale and (or) exchange of crypto-assets;

announcement of prices for crypto-assets;

determination of the requirements and obligations for trading participants based on the results of transactions with crypto-assets, as well as ensuring the execution of these transactions;

preparation and formation of reporting documents on completed transactions with crypto-assets;

storage, processing and disclosure of information necessary for making and executing transactions with crypto-assets;

other functions related to the trading of crypto-assets;

a major transaction for the purchase and sale of crypto-assets (hereinafter referred to as a major transaction) — an operation carried out on an electronic platform for direct trading on an electronic platform of a crypto-exchange for the purchase and sale of crypto-assets for national and (or) foreign currency, the total amount of which exceeds three thousand basic calculated amount (BCA) on the day of the transaction;

insider information about crypto-assets — information about crypto-assets, the persons who created and placed them, about transactions with crypto-assets, which is not publicly available and puts the persons who own it in an advantageous position compared to other clients;

manipulation of prices for crypto-assets — the performance of actions that have a significant impact on the demand and (or) supply for crypto-assets, the market price of crypto-assets or the volume of trading of crypto-assets, in order to artificially raise or lower prices for crypto-assets relative to the level, that would have developed in market conditions;

ultimate beneficial owner of a crypto-exchange — an individual who directly or indirectly establishes a crypto-exchange or directly or indirectly owns or controls a person who directly or indirectly owns share(s) (stocks) in its charter fund (capital);

authorized body —the National Agency of Perspective Projects of the Republic of Uzbekistan.

2. A legal entity that has obtained a license to operate a crypto-exchange in the prescribed manner shall carry out this type of activity in accordance with these Regulations and special normative legal acts.

3. Crypto-exchange shall:

ensure proper operation of the electronic platform of the crypto-exchange;

ensure separate accounting and storage of funds, crypto-assets of the crypto-exchange and clients of the crypto-exchange. Joint accounting of funds, crypto-assets of two or more clients shall not be allowed;

back up all data on transactions (operations) made by clients at the end of each day;

ensure the execution of clients' orders for trading in crypto-assets in accordance with the requirements of these Regulations, if it is possible to execute such orders, including if there are counter orders placed on the electronic platform of the crypto-exchange;

ensure proper information security of the electronic platform of the crypto-exchange;

ensure regular improvement of the level of knowledge of employees of the crypto-exchange and persons involved in crypto-exchanges under civil law contracts, directly involved in the implementation of the activities of the crypto-exchange, in the field of legislation regulating the activities of crypto-exchanges, countering the legalization of proceeds from criminal activity, financing terrorism and financing the proliferation of weapons of mass destruction, as well as other local acts approved by the crypto-exchange (hereinafter referred to as the local act);

ensure that the client confirms his orders to the crypto-exchange for the return (transfer) to the client of the funds held by the crypto-exchange, the clientʼs crypto-assets, as well as other orders and other actions of the client;

allow trading participants to conduct transactions through the electronic platform of the crypto-exchange after the introduction of mechanisms for their mandatory identification and the application of other measures in accordance with the legislation in the sphere of crypto-assets turnover;

comply with the requirements for advertising of crypto-assets provided for by law;

comply with other requirements stipulated by legislative acts.

The crypto exchange must develop and approve the rules governing the following processes:

listing and delisting of crypto-assets;

implementation of the initial placement of secured tokens in order to attract investments and finance activities;

emission of non-fungible tokens.

4. The crypto-exchange monitors transactions related to the trading of crypto-assets on an ongoing basis.

In case of detection of violations of the law and these Regulations, the crypto-exchange shall take measures to eliminate them and prevent them in the future.

Information about each fact of violation of the law and these Regulations, revealed by the crypto-exchange, shall be stored by the crypto-exchange for at least 5 years from the date of detection of this fact.

At the request of the authorized body, the crypto-exchange shall, no later than five business days from the date of receipt of the relevant request, provide information to the authorized body about the facts of violation of the law.

If signs of a crime are detected, the crypto-exchange shall immediately send a written notice about this to the authorized body and law enforcement agencies in accordance with the law.

5. Residents of the Republic of Uzbekistan have the right to carry out the following activities on the electronic platform of the crypto-exchange:

all types of trading in crypto-assets on the crypto-exchange for the national currency, including transactions for the purchase and sale of crypto-assets on the direct trading platform;

with non-residents of the Republic of Uzbekistan, only transactions for the sale of crypto-assets for foreign currency.

The choice of crypto-assets as an object of acquisition and, accordingly, the consequences of this choice are the risk of the buyer itself.

6. Residents of the Republic of Uzbekistan may carry out operations to exchange non-fungible tokens for other types of crypto-assets on foreign crypto-exchanges and platforms.

Crypto-assets received by residents of the Republic of Uzbekistan through the exchange of non-fungible tokens on foreign crypto-exchanges and platforms are sold on electronic platforms of service providers in the sphere of crypto-assets turnover (hereinafter referred to as service providers) registered on the territory of the Republic of Uzbekistan in the prescribed manner.

7. A crypto-exchange has the right to carry out the activities of a crypto-depository on the basis of a license separately obtained for this type of activity. As part of this activity, the crypto-exchange has the right to provide services for the issuance and (or) registration of the issue of secured tokens.

A crypto-exchange, when carrying out the activities of a crypto-depository, shall approve the procedure for issuing, registering an issue, initial placement and turnover of secured tokens. Such procedure shall:

provide for redemption of secured tokens by the person who carried out the initial placement of secured tokens on a crypto-exchange, in cases and in the amount provided for by contractual obligations;

impose a ban in the name or symbolics of the issued secured tokens for the use of the words “state”, “secured by the state”, “supported by the state”, “Uzbekistan”, “Uzbek”, “national”, “sum (UZS)”, as well as the names of cities of the Republic of Uzbekistan in full or abbreviated form, using their combinations in any language and in any form.

8. A crypto-exchange, when carrying out the activities of a crypto-depository, shall:

determine whether or not the heads of legal entities, individual entrepreneurs and their representatives engaged in activities aimed at registering the issue and placement of secured tokens belong to the category of persons specified in clause 14 of these Regulations;

ensure verification of the actual availability of tangible and (or) other property contributed as collateral for the purpose of the initial placement of secured tokens.

9. The followings shall be prohibited on the crypto-exchanges:

issuance and registration of issue of stable tokens;

issue, registration of issue, placement and circulation of unsecured tokens for the initial placement of secured tokens.

10. On the territory of the Republic of Uzbekistan it shall be prohibited to conduct transactions for the sale and purchase of crypto-assets for national and (or) foreign currency, as well as the exchange of crypto-assets for other crypto-assets outside service providers, unless as otherwise provided by law.

11. The basis for mutual settlements on transactions is information about the conducted trading in crypto-assets on the electronic platform of the crypto-exchange

Chapter 2. Procedure for establishing of relationships with clients

12. The crypto-exchange shall establishes relationships with clients on a contractual basis.

The contract shall provide for the following conditions:

transfer of information to the authorized body, provided for in clause 4 of these Regulations;

implementation, with the consent of clients, of audio or video recording of negotiations with them, including recording of correspondence, and the storage of such information for at least 5 years;

listing the requirements provided for in clause 5 of these Regulations;

other conditions stipulated by these Regulations and the law.

13. To establish a relationship with a client, the crypto-exchange shall request:

for an individual — a copy of the individualʼs identity and personal identification number of a physical person for citizens of the Republic of Uzbekistan;

for an individual entrepreneur — copies of an identity document and a certificate of state registration;

for a legal entity — a copy of the certificate of state registration, information about the location, managers, as well as information specified in the constituent documents;

contact details of the client, allowing to establish contact with this client (e-mail address and other contact details);

other information provided by law, including in the sphere of combating the legalization of proceeds from criminal activity, the financing of terrorism and the financing of the proliferation of weapons of mass destruction.

14. Crypto-exchange shall not be entitled to establish relationships with:

minors;

persons included in the list of persons involved or suspected of participating in terrorist activities or the proliferation of weapons of mass destruction, in accordance with the legislation on combating the legalization of proceeds from criminal activity, the financing of terrorism and the financing of the proliferation of weapons of mass destruction.

15. As a result of establishing relations between the crypto-exchange and its client, personal account (account) is created for the client in the electronic platform of the crypto-exchange, which contains information about the client, its funds, crypto-assets held by the crypto-exchange.

It shall be forbidden for one client to create more than one account (account) on the electronic platform of the crypto-exchange.

16. The crypto-exchange has the right to grant the status of a crypto-assets trading participant (admission to crypto-assets trading) for trading crypto-assets on its own behalf and at its own expense — to any client, if this does not contradict the law or these Regulations.

17. The crypto-exchange shall make available to individuals and legal entities, including clients, the following information:

conditions for establishing relationships with clients, including the text of the relevant agreement (at the same time, the crypto-exchange shall explain the form, amount and procedure for receiving remuneration);

the content of the “White paper” declaration when the crypto-exchange makes (organizes) transactions aimed at listing crypto-assets.

18. The information provided for in clause 16 of these Regulations must be communicated to individuals or legal entities before or in the process of establishing relations with them, either orally or in writing.

The main page of the website of the crypto-exchange must contain the information provided for in the appendix to these Regulations.

Chapter 3. Organization of trading in crypto-assets

19. The organization of trading in crypto-assets is carried out by a crypto-exchange by providing clients with access to the electronic platform of the crypto-exchange for trading participants to perform actions aimed at purchase, sale and (or) exchange of crypto-assets.

Access to the electronic platform of the crypto-exchange is provided on the basis of an agreement.

A client excluded from the list of trading participants due to violation of the rules for trading in crypto-assets in accordance with these Regulations and local acts cannot be a trading participant within three months from the moment of exclusion.

The procedure for allowing a client to trade in crypto-assets, including other services (“spot”, “margin” trading, etc.) and products of a crypto-exchange, as well as exclusion from the list of trading participants is determined by local acts.

20. Crypto-exchange shall:

ensure the transparency of the process of trading in crypto-assets, as well as the fulfillment of obligations arising from their results;

check the availability of tangible and (or) other property deposited as collateral for secured tokens during the initial placement of secured tokens on the electronic platform of the crypto-exchange.

21. The crypto-exchange, in accordance with these Regulations and local acts, shall take measures to identify, suppress, prevent the use of insider information about crypto-assets, manipulate their prices, as well as to eliminate the consequences of such.

The use of insider information about crypto-assets means the use of this information for personal purposes, including for participation in trading in crypto-assets on one's own behalf and at one's own expense, as well as transferring it to third parties, except as otherwise provided by law.

Persons with insider information about crypto-assets include:

members of governing bodies and other employees of the organization that created and placed crypto-assets;

persons who created and carried out the listing of crypto-assets;

employees of an audit organization providing audit services to a person who created and placed crypto-assets, or to a bidder;

other persons who, by virtue of their official position, labor duties or a civil law contract concluded with the person who created and placed crypto-assets, and (or) the bidder, have access to the specified information.

22. A crypto-exchange has the right to participate in trading in crypto-assets as a trading participant only if it discloses information about its participation in trading in crypto-assets, takes and discloses measures to resolve a conflict of interest arising in connection with such participation, in accordance with local acts.

23. To complete a transaction, a trading participant or a crypto-exchange places an order for the purchase, sale and (or) exchange of crypto-assets on the electronic platform of the crypto-exchange.

The procedure for filing an application for the purchase, sale and (or) exchange of crypto-assets is determined by local acts.

Clientʼs orders for the purchase, sale and (or) exchange of crypto-assets are subject to execution by the crypto-exchange at the time of the appearance of a counter order that meets their conditions. It shall not be allowed to delay the execution of orders, change their conditions or cancel after the appearance of a counter order.

24. To conduct trading (settlements) in crypto-assets, the trading participant transfers funds and (or) crypto-assets to the SCH, respectively.

Monetary funds, crypto-assets of a trading participant must be accounted for separately from monetary funds, crypto-assets of a crypto-exchange and other participants.

25. The crypto-exchange shall daily compile a report for each bidder on completed transactions for the purchase, sale and (or) exchange of crypto-assets and the amount of such transactions, as well as executed and unexecuted orders for the purchase, sale and (or) exchange of crypto — assets.

After a report is made on the transactions and operations carried out, each client is assigned a unique code to identify it.

The report must be kept for at least five years from the date of issue. The procedure of storage of reports is determined by local acts. It shall not be allowed to make adjustments and changes to the reports.

The crypto-exchange shall provide a report free of charge to:

clients — to the extent that concerns them, no later than fifteen days from the date of receipt of such a request;

authorized body — to the extent and within the period specified in its request.

26. The crypto-exchange ensures the execution of transactions for the purchase, sale and (or) exchange of crypto-assets.

If a trading participant in the process of trading in crypto-assets makes a transaction to purchase, sell and (or) exchange crypto-assets, the crypto-exchange shall deduct the amount (quantity) of execution on this transaction from the amount of funds of this trading participant, crypto-assets, accounted for on the secondary account of the SCH or on the addresses of the crypto wallets of the crypto-exchange, and attach the specified trading participant to the counterparty, unless otherwise provided by the agreement.

The receipt by the crypto-exchange of the remuneration due to it from the client is ensured by it in the manner and on the terms stipulated by the contract for participation in the trading of crypto-assets.

27. The crypto-exchange on its own behalf and in its own interests has the right to make transactions with the consent of the client and in the absence of an order (instruction) of the client with his funds and crypto-assets under the following conditions:

to ensure the liquidity of the crypto-exchange, that is, the receipt of funds and crypto-assets from counterparties that are not its clients, in order to fulfill the obligations assumed (or planned to be accepted) to clients;

when there is a reasonable belief in the return of funds and crypto-assets in full, received by the crypto-exchange from clients as a result of these transactions.

Monetary funds, crypto-assets of the client are subject to mandatory return by the crypto-exchange within the period agreed by the parties. The contract may provide for the collection of interest for the use of client funds.

28. The crypto-exchange has the right to grant clients, within its electronic platform, the right to use its crypto-assets to make and execute transactions with them on the terms of the return of the corresponding amount of crypto-assets (or an equivalent amount of crypto-assets of another type) within the period agreed by the parties. A crypto exchange has the right to charge interest for the use of its crypto assets by clients.

Chapter 4. Organization of direct trading

29. The organization of operations for the purchase and sale of crypto-assets is carried out by the crypto-exchange by providing clients with access to the platform for direct trading.

Access to the electronic platform for direct trading is provided on the basis of a separate agreement drawn up taking into account the requirements of these Regulations and local acts.

30. A crypto-exchange shall ensure the transparency of the process of direct trading in crypto-assets, as well as the fulfillment of obligations arising from their results.

31. Major transactions of the client are made exclusively on the platform for direct trading by transferring funds for the sale of crypto-assets to the client's account in the commercial bank servicing this client.

32. Transactions on the platform for direct trading are carried out in the following order:

the seller of crypto-assets in his personal account creates an application for the sale of crypto-assets with an indication of the requirements for the price of crypto-assets and the details of his account with a servicing commercial bank;

the crypto-exchange deposits the seller's crypto-assets on the electronic platform for direct trading until the transaction is completed or the seller requests the return of these crypto-assets;

the buyer accepts the application, sends funds in national or foreign currency to the specified bank account of the seller in the prescribed manner;

the buyer provides (attaches) a copy of the document on the transfer of funds in his personal account as proof of the completed transfer;

the seller checks his account, ensures that the funds have been received in full, and in his personal account allows the crypto exchange to send crypto assets to the buyer.

The crypto-exchange has the right to make transactions for the purchase and sale of crypto-assets on the platform for direct trading on its own behalf and (or) at the expense of clients on the basis of an agency agreement by transferring funds through the SCH of the crypto-exchange.

33. Cancellation of a transaction, refund or other disputes are resolved through negotiations between the parties in the prescribed manner.

34. On the platform for direct trading, transactions for the sale and purchase of crypto-assets can be carried out in accordance with the mutual agreement of the seller and the buyer.

35. When making transactions on the platform for direct trading, the crypto-exchange can set and charge interest.

36. The crypto-exchange is responsible for the proper organization of transactions between the parties on the platform for direct trading in accordance with these Regulations and other legislative acts.

Chapter 5. Transactions based on intermediary relationships with clients

37. A crypto-exchange has the right to make transactions for the purchase, sale and (or) exchange of crypto-assets in the interests of clients on the basis of establishing intermediary relations with them through exchange or direct transactions as follows:

on behalf of and at the expense of clients on the basis of an agency agreement;

on its own behalf and at the expense of clients on the basis of a commission agreement;

otherwise, not contrary to the law.

38. The crypto-exchange has the right to make transactions specified in clause 37 of these Regulations:

on its own electronic platform;

on foreign electronic platforms and in trading systems of other crypto-exchanges.

When making these types of transactions, the crypto-exchange in the interests of clients shall:

act conscientiously, reasonably and competently, observing the law and following the provisions of agreements concluded with clients;

inform clients about the risks associated with transactions, explaining the nature and level of each such risk;

make transactions on the best terms and price for clients;

not make transactions at a price that differs significantly (by more than 10 percent) from the market price for the relevant crypto-assets, unless otherwise agreed with the client in each specific case.

At the same time, the crypto-exchange shall provide for the procedure for determining the market price for crypto-assets in the contract it concludes with the client.

Chapter 6. Procedure for the settlement and clearing operations on the crypto-exchange

§ 1. Status, functions, rights and obligations of SCH

39. SCH is a structural subdivision of the crypto-exchange, does not have the status of a legal entity and acts on behalf of the crypto-exchange without the right to perform any independent operations and actions not provided for by these Regulations.

40. The SCH performs the following main functions:

registers clearing participants;

ensures the opening and maintenance of accounts of clearing participants;

carries out timely and full provision of mutual settlements on transactions;

defines, specifies, counts mutual obligations, as well as maintains separate accounting of the obligations of the clearing participants under the concluded transactions;

generates and provides the clearing participants with the necessary information on the results of clearing;

ensures the storage of information on transactions for which clearing is carried out, on the results of clearing in accordance with the requirements of the law;

exercises control over the fulfillment of obligations under concluded transactions;

ensures the transfer of cash receipts to the account of the crypto-exchange.

41. The SCH has the right to:

independently choose the method of clearing;

in case of non-fulfillment or improper fulfillment by the clearing participant of its obligations under a transaction, as well as in the presence of a decision of the arbitration and/or disciplinary commission of the crypto-exchange on the imposition of a fine on the clearing participant for violation of the rules for trading crypto-assets or contractual obligations, write off the amount of the fine from the virtual accounts of the guilty clearing participant;

write off commission fees of the crypto-exchange when finalizing a transaction;

to receive from the clearing participants the information necessary for the settlement and clearing operations.

42. The SCH shall:

carry out settlements and mutual settlements only for transactions that have been registered on the crypto-exchange and related operations (commission fees and other expenses in accordance with the law);

ensure separate accounting of obligations of each clearing participant;

ensure the confidentiality of information on the content of transactions and not provide this information to third parties without the consent of the clearing participants, except as otherwise provided by law.

43. All actions on transactions carried out on the electronic platform of the crypto-exchange, including the accounting of funds on the virtual accounts of participants in the electronic platform of the crypto-exchange, must be carried out by the SCH.

44. The clearing participants and the SCH are prohibited from carrying out transactions for the assignment of a monetary claim using the funds on the accounts of the SCH.

§ 2. Registration of the clearing participants

45. Within one business day after receiving all the necessary documents specified in the local acts, the SCH assigns an IUN to the client of the crypto-exchange and opens a virtual account necessary for the implementation of obligations and rights of claim for transactions with crypto-assets.

46. The SCH terminates the servicing of the clearing participants in the cases provided for in clause 69 of these Regulations.

§ 3. Procedure of account management in the SCH

47. As part of its activities, the crypto-exchange shall open a secondary account of the SCH in the servicing bank, which is intended for recording the funds of the clearing participants, which are accounted for in the SCH on separate virtual accounts.

48. The SCH keeps records of the virtual accounts of the clearing participants.

49. Closing of the virtual account of the clearing participant is carried out by the SCH on behalf of the account holder (or his legal successor), except for the cases provided for in clause 69 of these Regulations.

50. Before closing the virtual account, the remaining funds on it are transferred to the bank accounts of the clearing participant on the basis of his instruction.

Closing of the virtual account is carried out only if there are no funds on the virtual account.

51. The details of the virtual account are changed when the name or other details of the clearing participant are changed.

52. The owner of a virtual account has the right to give instructions to the SCH for:

return of funds (part of funds) from the virtual account to his own account in the servicing bank;

carrying out clearing of the transaction, if the transaction is registered in accordance with local acts and legislation.

53. The SCH can transfer funds on virtual accounts only for operations related to the conclusion and execution of transactions.

§ 4. Rights and obligations of clearing participants

54. The clearing participant has the right to:

participate in the clearing of transactions registered by the crypto-exchange;

receive the necessary information about the status of the virtual account, the fulfillment of obligations;

early fulfill monetary obligations to the crypto-exchange and counterparties;

withdraw free funds from its virtual account to its own account with a servicing bank.

55. The clearing participant shall:

provide reliable information to the SCH in accordance with these Regulations;

in case of termination of the contract, fulfill the obligations that arose before its termination;

respect the confidentiality of information;

comply with the requirements established by these Regulations.

56. Interaction of the SCH with the clearing participants is carried out on the basis of a contract for clearing services.

57. The exchange of information between the crypto-exchange and the clearing participants on clearing and settlements, as well as between the clearing participants on the fulfillment of contractual obligations is carried out using information and communication technologies.

§ 5. Clearing procedure

58. After registration, clearing participants transfer funds to the secondary accounts of the SCH opened with the bank servicing the crypto-exchange to participate in the trading of crypto-assets and fulfill their obligations.

59. Clearing participant transfers funds as a deposit and/or for fulfillment of obligations under transactions to the secondary accounts of the SCH in the bank servicing the crypto-exchange for crediting them to the virtual account. The amount of the deposit is determined by local acts.

60. The SCH records the funds and obligations of each clearing participant separately on their virtual accounts.

61. The funds of the clearing participants held on virtual accounts in the SCH are used:

to make settlements between them related to the fulfillment of obligations under transactions;

as a deposit for participation in trading sessions;

on behalf of the client — to return to the clearing participant's account with its servicing bank;

to make payments for the services of a crypto-exchange;

for other purposes related to the conclusion and execution of transactions.

Transactions are settled exclusively through the electronic clearing system, except for the cases provided for in Chapter 4 of these Regulations.

62. Before each trading session, the electronic clearing system controls the security of orders. The security of orders is controlled by orders for conclusion of transactions within the framework of trading sessions.

63. Based on the register of concluded transactions, the electronic clearing system determines the obligations of the clearing participants and blocks the deposits. Commission fees of the crypto-exchange are withheld according to the tariffs established by the crypto-exchange.

64. After registering the transaction, the clearing participant shall be obliged to transfer additional funds to the secondary account of the SCH to fully cover the obligations under the transaction within the terms determined by the agreement. This amount is blocked by the SCH until the full fulfillment of obligations by the seller.

65. The register of paid transactions serves as the basis for the transfer of crypto-assets by the seller.

66. Based on the results, information on the transfer of crypto-assets by the clearing participant — seller is immediately provided to the SCH. The seller's and buyer's funds under this transaction remain blocked until confirmation is received of the receipt of crypto-assets to the crypto-wallet address of the clearing participant — the buyer.

§ 6. Procedure for ensuring the execution of the crypto-exchange transactions

67. Closing of the concluded transaction is carried out in the following cases:

proper fulfillment of obligations under the transaction by the clearing participants — the seller and the buyer;

non-performance by the clearing participants — the seller and the buyer of obligations under the transaction and after payment of a fine by them;

mutual consent of the clearing participants — the seller and the buyer — to close the transaction with or without payment of a fine;

availability of the decision of the arbitration commission;

absence of claims of the clearing participants — the seller and the buyer — within the period established by the agreement, without penalty.

68. If upon the expiration of the period stipulated by the terms of the agreement, the clearing participant fails to fulfill the obligations under the transaction, the SCH:

cancels the contract for non-payment by the buyer of the payment stipulated by the contract;

cancels the contract by decision of the arbitration commission for non-transfer of crypto-assets;

credits to the account of the clearing participant — seller or buyer — a fine in the amount of the deposit, for non-fulfillment of contractual obligations.

§ 7. Termination of clearing

69. The SCH terminates the servicing of the clearing participant and closes its virtual account in the following cases:

termination of the contract in accordance with the procedure established by law;

liquidation of the clearing participant;

by decision of the court or other authorized bodies.

70. The crypto-exchange ensures the transfer of funds through the SCH, the transfer of crypto-assets accounted for by the trading participant to a bank account, to the address of the trading participantʼs crypto-wallet, respectively, at the request of such a participant in the manner and within the period specified in the agreement for participation in trading in crypto-assets.

In the event that a suspicious transaction related to crypto-assets is detected, the transfer of funds and the transfer of crypto-assets are carried out after the crypto-exchange takes measures to prevent the legalization of proceeds from criminal activity, the financing of terrorist activities and the financing of the proliferation of weapons of mass destruction.

Chapter 7. Final provisions

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

APPENDIX to the Regulations for trading of crypto-assets on crypto-exchange

INFORMATION

Posted on the website of a crypto-exchange

1. General information about the crypto-exchange (management, history of creation, and others).

2. General conditions for the sale of crypto-assets, the content of which meets the requirements established by the authorized body.

3. Local act on the procedure for managing a conflict of interest arising in the activities of a crypto-exchange.

4. Information on what actions the client is entitled to take if he does not agree with the actions (inaction) of the crypto-exchange (including the client's right to go to court and the opportunity to propose to resolve the dispute through mediation).

5. Information required to be indicated in the advertisement of the activities of the crypto-exchange in the case and to the extent provided for by law.

6. Information about the trading of crypto-assets:

a) about the time of trading in crypto-assets, the quotation list;

b) about the prices at which transactions with crypto-assets were previously made in the electronic platform of the crypto-exchange (about historical quotes). These prices are indicated for at least three years preceding the date of their placement (disclosure), and if less than three years have passed since the start of the crypto-exchange, then for the entire period of its activity;

c) on the participation of the crypto-exchange in the trading of crypto-assets and measures taken by the crypto-exchange to resolve the conflict of interest arising from such participation;

d) crypto-assets admitted to trading in crypto-assets owned by a crypto-exchange, its employees, founder (participant) or ultimate beneficial owner, shall be announced in cases where:

the number of crypto-assets of the crypto-exchange, its employee, founders (participants) or the ultimate beneficial owner in the aggregate is five or more percent of the total number of crypto-assets on the crypto-exchange;

a crypto-exchange, its employee, property, founder (participant) or the ultimate beneficial owner act as a client for the creation of crypto-assets in their own interests and (or) have completed the issuance of crypto-assets.

7. Information about the name, location, e-mail address and telephone number of the organization providing services for the storage (deposit) of reports, in accordance with the Regulations for trading in crypto-assets on crypto-exchange.