Tashkent, Uzbekistan (UzDaily.com) -- At the forty-third plenary session of the Senate, the Law "On amendments and amendments to certain legislative acts of the Republic of Uzbekistan aimed at improving the system of licensing and licensing procedures in the field of circulation of crypto-assets" was considered.

In recent years, comprehensive measures have been taken in the country to develop the sphere of circulation of crypto-assets.

Legislative acts define mining and the activities of service providers in the field of crypto-assets turnover as types of activities in the field of crypto-assets turnover and establish the implementation of these types of activities on the basis of licensing and licensing procedures. Crypto-exchange, mining pool, crypto-depository and crypto-store are defined as types of service providers.

In this regard, the laws of the Republic of Uzbekistan “On the State Duty” and “On Licensing, Permitting and Notification Procedures” are amended to provide for the establishment of new types and subtypes of licensed activities (crypto-exchange, mining pool, crypto-depository and crypto store) and mining activities carried out on the basis of a permit document.

In addition, the powers of the National Agency for Perspective Projects of the Republic of Uzbekistan on licensing and passing licensing procedures in the field of circulation of crypto-assets are fixed.

Another important feature of the Law is that the activities of the mining pool, crypto depository and crypto store are supplemented as a new type of activity that requires obtaining permits.

At the same time, for the extraction of minerals without a permit or using false documents, a fine of 150 basic settlement units is imposed.

In addition, an addition is being made to the Law “On the State Duty” and a state fee is introduced for legal entities that obtain a license to operate as service providers in the field of crypto-assets circulation, and the authority to establish its amount and payment procedure is granted to the National Agency for Perspective Projects.

In turn, during the discussion of the Law, members of the Senate emphasized that the amendments and additions made eliminate gaps in the regulation of activities in the field of circulation of crypto-assets, including the definition of types and sub-types of activities carried out on the basis of licensing and licensing procedures.

The law was approved by the senators.