Why is this important
The introduction of a special regime for stable tokens creates a regulated environment for testing new payment instruments and reduces risks for the financial system. Clear requirements for backing and prohibitions on certain types of tokens limit potential threats to users and the market. The regulator gains a mechanism for overseeing pilot projects and the ability to adjust rules based on practical experience. This creates a foundation for the gradual introduction of digital assets into domestic settlements.
What happened
- The National Agency for Perspective Projects and the Central Bank of Uzbekistan have approved the procedure for granting a special legal regime for the circulation of stable tokens.
- The document defines the rules for registering participants, monitoring their activities, revoking their status, and maintaining an open register.
- Within the framework of the regime, it is allowed to test the issuance of stable tokens, their use in payments and international settlements, as well as the creation of payment systems based on distributed ledger technology.
- At the same time, restrictions have been introduced on certain types of tokens, and requirements for backing and cybersecurity have been established.
Numbers and facts
- The implementation period for pilot projects is set at 12 months with the possibility of extension, while the total duration must not exceed 3 years.
- The issuance of stable tokens is permitted only if they are fully backed by funds in national and (or) foreign currency, with mandatory reserves held in a separate account at the Central Bank.
- Within the framework of the regime, the issuance of algorithmic tokens, tokens with anonymity features, and tokens backed by crypto-assets is prohibited.
- Participants are required to implement information security systems, appoint a responsible person, and approve internal regulations.
- The register of participants will be open and published on the official website of the authorized body.
Context
- Fintech companies gain the opportunity to test products based on stable tokens in a controlled environment with clear admission rules.
- Users receive additional guarantees through requirements for backing and transaction transparency.
- The banking and payment sector is facing increasing competition from new digital solutions.
- The regulator is creating a tool for the gradual introduction of digital assets without sharp risks to financial stability.
