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On Client Admission to Trading in Crypto Assets, Including Access to Other Services and Products of the Crypto Exchange, and Exclusion from the List of Trading Participants

Revised on March 27, 2026

Chapter 1. General Provisions

1.1. This Regulation has been developed in accordance with the Order of the Director of the National Agency of Perspective Projects of the Republic of Uzbekistan “On Approval of the Rules for Trading in Crypto-Assets on a Crypto Exchange” and the Order of the Director of the National Agency of Perspective Projects of the Republic of Uzbekistan “On Approval of the Regulation on the Procedure for Issuance, Registration of Issuance, and Circulation of Crypto-Assets by Residents of the Republic of Uzbekistan.”

1.2. This Regulation defines the procedure for admitting clients to trading in crypto-assets, including other services (“spot,” “margin” trading, etc.) and products of the crypto exchange, as well as the grounds and procedures for exclusion from the list of participants in crypto-asset trading.

Chapter 2. Basic Terms

2.1. The following terms are used in this Regulation:

Crypto Exchange — a legal entity resident in the Republic of Uzbekistan that provides an electronic platform for organizing and conducting trading in crypto-assets;

Client — an individual or legal entity, including a foreign one, entering into an agreement with the crypto exchange for carrying out transactions in crypto-assets on the crypto exchange;

Trading Participant — a client admitted by the crypto exchange to trading in crypto-assets;

Trading in Crypto-Assets — the process of entering into purchase and sale transactions in crypto-assets for national and/or foreign currency, or exchanging one type of crypto-asset for another on the electronic platform of the crypto exchange;

Spot Trading — a type of trading in which settlements under transactions are made immediately or within a short period after the transaction is concluded;

Margin Trading — a type of trading in which the client receives from the crypto exchange a loan in the form of funds or crypto-assets to conduct transactions on the electronic platform of the crypto exchange;

Main Account — the client’s internal account on the crypto exchange platform, intended for storing funds and crypto-assets, depositing and withdrawing funds, and transferring them between the platform’s services. It is the client’s primary settlement account within the account profile;

Spot Account — the client’s internal account on the crypto exchange platform, intended exclusively for carrying out spot trading transactions. Funds placed in the Spot Account are available for placing trading orders and executing purchase and sale transactions in crypto-assets on the exchange;

Internal Arbitrage — the performance by the Client of one or more interrelated transactions within the platform’s infrastructure for the purpose of obtaining a gain from internal discrepancies in exchange rates, spreads, fees, calculation mechanisms, conversion routes, asset availability rules, limits, rounding, temporary delays in data updates, or other features of the platform itself, without the need to use an external market or a third-party trading venue;

Abuse of Internal Arbitrage — any actions of the Client in which the Client uses internal inconsistencies, technical features, business logic vulnerabilities, price discrepancies, operational gaps, or other internal platform mechanisms in a manner contrary to the principles of good faith, the economic purpose of the relevant product, and the established rules for its use, including actions that disrupt the normal functioning of the crypto exchange, create excessive load on the platform infrastructure, or entail risks for other clients of the crypto exchange;

CCP (Clearing and Settlement Chamber) — a structural unit of the crypto exchange that ensures clearing, settlements, and mutual settlements under crypto-exchange transactions through the electronic clearing system;

UIN (User Identification Number) — a unique code assigned to a clearing participant;

Virtual Account — a special account opened in the CCP of the crypto exchange for conducting clearing operations;

Clearing Participant — a client of the crypto exchange who has submitted acceptance and has been duly registered with the CCP.

Chapter 3. Principles of Admission to Trading in Crypto-Assets

3.1. Clients shall be admitted to trading in crypto-assets on the basis of the following principles:

  • equality of admission conditions for all clients;

  • transparency of admission procedures;

  • ensuring security and protection of information;

  • compliance with legislation on combating legalization of proceeds from criminal activity, terrorist financing, and financing of the proliferation of weapons of mass destruction.

Chapter 4. Procedure for Establishing Relations with Clients

4.1. A client wishing to be admitted to trading in crypto-assets must meet the following requirements:

  • be of legal age (for individuals);

  • not be included in the list of persons involved in or suspected of involvement in terrorist activities or the proliferation of weapons of mass destruction;

  • provide identity documents and other documents provided for by this Regulation;

  • have a bank account with an authorized bank (for residents of the Republic of Uzbekistan);

  • provide an email address and other contact details enabling communication;

  • provide other information in accordance with the local acts of the crypto exchange.

4.2. To establish relations with the crypto exchange, the client shall provide the following documents:

4.2.1. Individuals:

  • a copy of an identity document;

  • personal identification number of an individual (for citizens of the Republic of Uzbekistan);

  • contact details (email address, phone number);

  • other documents required for identification in accordance with legislation on combating legalization of proceeds from criminal activity, terrorist financing, and financing of the proliferation of weapons of mass destruction.

4.2.2. Individual entrepreneurs:

  • a copy of an identity document;

  • a copy of the state registration certificate;

  • taxpayer identification number (TIN);

  • contact details (email address, phone number);

  • other documents required for identification in accordance with legislation on combating legalization of proceeds from criminal activity, terrorist financing, and financing of the proliferation of weapons of mass destruction.

4.2.3. Legal entities:

  • a copy of the state registration certificate;

  • location details (postal address);

  • information about managers;

  • copies of constituent documents;

  • taxpayer identification number (TIN);

  • contact details (email address, phone number);

  • other documents required for identification in accordance with legislation on combating legalization of proceeds from criminal activity, terrorist financing, and financing of the proliferation of weapons of mass destruction.

4.3. Relations between the crypto exchange and the client shall be established on a contractual basis. The agreement must contain the following essential terms:

4.3.1. subject matter of the agreement (provision of services for admission to trading in crypto-assets);

4.3.2. rights and obligations of the parties;

4.3.3. procedure for trading in crypto-assets;

4.3.4. terms on transfer of information to the authorized body in accordance with legislation;

4.3.5. terms on audio and/or video recording of negotiations with clients, including correspondence records, with the clients’ consent, and storage of such information for at least 5 years;

4.3.6. settlement procedure;

4.3.7. terms on the remuneration of the crypto exchange;

4.3.8. liability of the parties;

4.3.9. dispute resolution procedure;

4.3.10. terms of termination of the agreement;

4.3.11. other terms in accordance with legislation.

4.4. The agreement shall be concluded in writing, including by acceptance of a public offer posted on the crypto exchange website.

4.5. The crypto exchange may refuse to enter into an agreement with the client in cases provided for by this Regulation and legislation.

4.6. As a result of establishing relations between the crypto exchange and the client, a user account shall be created for the client on the electronic platform of the crypto exchange, containing information about the client, the client’s funds, and crypto-assets held by the crypto exchange.

4.7. One client may not create more than one user account on the electronic platform of the crypto exchange.

4.8. To activate the account, the client must complete the verification procedure, including:

  • confirmation of email address;

  • confirmation of phone number;

  • completion of an identification procedure, including biometric identification, in accordance with the requirements of legislation on combating legalization of proceeds from criminal activity, terrorist financing, and financing of the proliferation of weapons of mass destruction.

4.9. The client account may have the following statuses:

  • “Unverified” — the account has been created, but the verification procedure has not been completed;

  • “Verified” — personal data verification has been completed;

  • “Active” — admitted to trading in crypto-assets;

  • “Blocked” — access to trading has been temporarily suspended;

  • “Closed” — access to trading has been terminated, the agreement has been terminated.

Chapter 5. Procedure for Admitting Clients to Trading in Crypto-Assets

5.1. The crypto exchange may grant the status of trading participant in crypto-assets (admission to trading in crypto-assets) for carrying out trading in crypto-assets on its own behalf and at its own expense to any client, provided this does not contradict legislation.

5.2. Admission to trading in crypto-assets shall be carried out after:

  • conclusion of an agreement with the client;

  • creation and verification of the user account;

  • registration of the client with the CCP and assignment of a UIN;

  • opening of a virtual account with the CCP;

  • deposit by the client of funds to the secondary account of the CCP.

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Chapter 6. Procedure for Registration with the CCP

6.1. The CCP shall register as clearing participants those clients of the Exchange who have concluded a clearing services agreement and provided all necessary documents.

6.2. To register as a clearing participant, a client of the Exchange must provide the following documents:

6.2.1. For an individual:

  • a copy of an identity document;

  • personal identification number of an individual (for citizens of the Republic of Uzbekistan);

  • contact details enabling communication (email address and other contact details);

  • other documents provided for by the clearing services agreement.

6.2.2. For an individual entrepreneur:

  • a copy of an identity document;

  • a copy of the state registration certificate;

  • contact details enabling communication (email address and other contact details);

  • other documents provided for by the clearing services agreement.

6.2.3. For a legal entity:

  • a copy of the state registration certificate;

  • information on location and managers;

  • information specified in the constituent documents;

  • contact details enabling communication (email address and other contact details);

  • other documents provided for by the clearing services agreement.

6.3. Within one business day after receiving all necessary documents, the CCP shall assign the Exchange client a UIN and open a virtual account necessary for the exercise of rights and obligations arising from crypto-asset transactions.

6.4. The CCP shall maintain a register of clearing participants containing the following information:

  • UIN of the clearing participant;

  • name of the clearing participant (for legal entities) or full name (for individuals and individual entrepreneurs);

  • date of registration as a clearing participant;

  • contact information of the clearing participant;

  • status of the clearing participant (active / suspended / terminated).

6.5. The CCP shall terminate servicing of clearing participants in cases provided for by legislation, the clearing services agreement, and this Regulation.

6.6. To obtain admission to trading in crypto-assets, the client must top up the virtual account by transferring funds to the secondary account of the CCP opened with the bank servicing the crypto exchange.

6.7. The minimum amount of funds required for admission to trading in crypto-assets shall be established by the crypto exchange and indicated in the tariffs for the crypto exchange’s services.

6.8. Funds and crypto-assets recorded in clients’ virtual accounts shall be held in the CCP’s secondary accounts. The CCP shall ensure separate accounting and safekeeping of the funds and crypto-assets of the crypto exchange and its clients in accordance with the CCP Regulation.

Chapter 7. Specific Features of Admission to Different Types of Trading and Services of the Crypto Exchange

7.1. Admission to Spot Trading

7.1.1. Spot trading is the main type of trading on the crypto exchange and involves immediate settlement of transactions.

7.1.2. To be admitted to spot trading, the client must:

  • have an active user account;

  • have sufficient funds or crypto-assets in the virtual account to carry out transactions.

7.1.3. In spot trading, the client is prohibited from:

  • manipulating prices of crypto-assets;

  • using insider information;

  • using spot trading as part of cyclical arbitrage schemes referred to in this Regulation;

  • carrying out transactions using automation tools (bots, scripts, API solutions, and similar tools) without the direct written permission of the crypto exchange;

  • intentionally exploiting technical features of spot trading, including delays in quotation updates, peculiarities of rounding, and fee application, for the purpose of obtaining unjustified gain;

  • carrying out transactions aimed at creating artificial market activity.

7.2. Admission to Margin Trading

7.2.1. Margin trading involves the provision by the crypto exchange to the client of borrowed funds (funds or crypto-assets) for carrying out transactions on the electronic platform of the crypto exchange.

7.2.2. To be admitted to margin trading, the client must:

  • have an active user account for at least 30 days;

  • successfully pass a test on knowledge of the risks associated with margin trading;

  • have sufficient funds or crypto-assets in the virtual account to meet margin requirements;

  • sign an additional agreement to the service agreement for margin trading services.

7.2.3. The crypto exchange shall establish the following requirements for margin trading:

  • maximum loan amount;

  • minimum loan amount;

  • list of crypto-assets available for margin trading;

  • procedure and conditions for forced closure of the client’s positions upon reaching the critical margin level;

  • procedure and conditions for calculating interest for the use of borrowed funds.

7.2.4. The crypto exchange has the right to restrict or suspend the provision of margin trading services to certain clients or all clients in the event of increased market volatility or other circumstances threatening the stability of the crypto exchange.

7.3. Admission to the Direct Trading Platform

7.3.1. The direct trading platform is intended for purchase and sale transactions in crypto-assets between clients of the crypto exchange.

7.3.2. To be admitted to the direct trading platform, the client must:

  • have an active user account;

  • conclude an agreement with the crypto exchange for access to the direct trading platform.

7.3.3. When carrying out transactions on the direct trading platform, the client must comply with the following rules:

  • provide accurate information about crypto-assets offered for sale;

  • not offer for sale crypto-assets that are subject to restrictions or prohibitions;

  • perform obligations to other trading participants in good faith;

  • not use the direct trading platform for purposes contrary to legislation.

7.3.4. Large transactions (transactions the total amount of which exceeds three thousand base calculation units as of the transaction date) shall be conducted exclusively on the direct trading platform by transferring funds for the sale of crypto-assets to the client’s account in the commercial bank servicing the client.

7.4. Admission to Trading in Non-Fungible Tokens

7.4.1. The non-fungible token trading platform is intended for carrying out operations on issuance and placement into circulation of a non-fungible token.

7.4.2. To be admitted to trading in non-fungible tokens, the client must:

  • have an active user account;

  • conclude an agreement with the crypto exchange for access to the platform.

7.4.3. When carrying out transactions on the non-fungible token trading platform, the client must comply with the following rules:

  • provide accurate information about non-fungible tokens;

  • not infringe the intellectual property rights of third parties;

  • comply with the requirements established by the crypto exchange regarding the content of non-fungible tokens.

7.5. Admission to Transactions Involving Internal Arbitrage

7.5.1. The crypto exchange may at any time clarify, amend, or cancel the conditions for admission to transactions involving internal arbitrage in accordance with local acts.

7.5.2. When carrying out transactions related to internal arbitrage, the client must:

  • consistently use the available platform products for managing its own assets, provided that the established limits on the number and volume of transactions are observed;

  • contact the crypto exchange support service for clarification regarding the permissibility of a specific asset management strategy before implementing it;

  • immediately notify the crypto exchange upon detecting a technical error, exchange rate discrepancy, or other malfunction that could be used to obtain unjustified gain;

  • at the request of the crypto exchange, provide documentary confirmation of the economic purpose of the transactions carried out.

7.5.3. When carrying out transactions involving internal arbitrage, the client is prohibited from:

  • systematically carrying out cyclical or serial transactions with no obvious economic purpose, exceeding the limits specified in clause 7.5.4 of this Regulation;

  • splitting transactions into multiple successive transactions in order to circumvent fees, limits, anti-fraud or AML controls, withdrawal rules, or other platform restrictions;

  • using conversion routes, including sequences such as “Main Account → Spot Account → Main Account” and similar routes, in amounts or with a frequency exceeding the limits established by clause 7.5.4 of this Regulation;

  • using software, bots, scripts, API solutions, and other automation means to implement arbitrage strategies without the direct written permission of the crypto exchange;

  • using multiple accounts, accounts of affiliated or third parties, third-party payment instruments, or wallets to implement an arbitrage strategy or circumvent platform restrictions;

  • intentionally exploiting technical features of the platform, including rounding mechanisms, temporary delays in quotation updates, differences in application of fees or limits, for the purpose of obtaining unjustified gain;

  • taking actions aimed at testing anti-fraud rules, thresholds, and other platform control mechanisms in order to subsequently obtain gain.

7.5.4. For the purpose of preventing abuse, the client is prohibited from exceeding the following limits:

a) for identical or economically interrelated transaction chains (cycles):

  • more than 2 consecutive cycles within 10 minutes;

  • more than 5 cycles within 1 hour;

  • more than 10 cycles within 24 hours;

  • aggregate transaction volume within such cycles: not more than USD 5,000 per day.

b) for recurring inter-product cycles, including transactions between different platform services:

  • more than 1 consecutive cycle within 15 minutes;

  • more than 3 cycles within 1 hour;

  • more than 5 cycles within 24 hours;

  • aggregate transaction volume within such cycles: not more than USD 5,000 per day.

The crypto exchange may unilaterally amend the above limits. Updated limits shall take effect from the moment the relevant information is posted on the platform.

7.6. Admission to Other Services and Products of the Crypto Exchange

7.6.1. The crypto exchange may provide clients with access to other services and products in accordance with legislation and the local acts of the crypto exchange.

7.6.2. The procedure and conditions for admission to other services and products of the crypto exchange shall be determined by the local acts of the crypto exchange.

7.7. Violation of the prohibitions set out in this section shall constitute grounds for the crypto exchange to apply response measures in accordance with other sections of this Regulation and the local acts of the crypto exchange, including suspension or termination of access to trading, cancellation of transaction results, blocking of asset withdrawals, and termination of contractual relations.

Chapter 8. Suspension and Termination of Admission to Trading in Crypto-Assets

8.1. Grounds for Suspension of Admission to Trading

8.1.1. The crypto exchange may suspend a client’s admission to trading in crypto-assets in the following cases:

  • violation by the client of legislation on combating legalization of proceeds from criminal activity, terrorist financing, and financing of the proliferation of weapons of mass destruction;

  • violation by the client of the rules for trading in crypto-assets;

  • manipulation of prices of crypto-assets;

  • use of insider information;

  • identification of signs of abuse of internal arbitrage, including systematic cyclical transactions, exceeding limits established by the crypto exchange, use of automation tools without permission, and splitting transactions in order to circumvent platform restrictions;

  • exceeding by the client of the limits on the number or volume of transactions provided for in section 7.5.4 of this Regulation;

  • use of multiple accounts, accounts of affiliated or third parties for implementing an arbitrage strategy or circumventing platform restrictions;

  • violation of the agreement with the crypto exchange;

  • occurrence of suspicious transactions involving crypto-assets;

  • receipt of an order from authorized state bodies;

  • technical failures on the electronic platform of the crypto exchange;

  • other grounds provided for by legislation and the local acts of the crypto exchange.

8.1.2. Suspension of admission to trading shall be carried out for the period necessary to eliminate the reasons that caused the suspension.

8.1.3. The crypto exchange shall notify the client of the suspension of admission to trading by sending a message to the client’s email address or through the personal account on the electronic platform of the crypto exchange.

8.2. Grounds for Exclusion from the List of Trading Participants

8.2.1. A client may be excluded from the list of participants in trading in crypto-assets in the following cases:

  • repeated violation by the client of the rules for trading in crypto-assets;

  • failure to fulfill obligations under transactions concluded on the crypto exchange;

  • provision of false information to the crypto exchange;

  • repeated manipulation of prices of crypto-assets;

  • repeated use of insider information;

  • violation of legislation on combating legalization of proceeds from criminal activity, terrorist financing, and financing of the proliferation of weapons of mass destruction;

  • inclusion of the client in the list of persons involved in or suspected of involvement in terrorist activity or the proliferation of weapons of mass destruction;

  • termination of the agreement at the initiative of the client;

  • termination of the agreement at the initiative of the crypto exchange;

  • liquidation of the client as a legal entity;

  • death of the client as an individual;

  • by court decision or decision of other authorized bodies;

  • other grounds provided for by legislation and the local acts of the crypto exchange.

8.2.2. A client excluded from the list of trading participants due to violation of the rules for trading in crypto-assets may not be a trading participant for three months from the date of exclusion.

8.3. Procedure for Exclusion from the List of Trading Participants

8.3.1. The decision to exclude a client from the list of trading participants shall be made by the head of the crypto exchange.

8.3.2. The crypto exchange shall notify the client of the decision to exclude the client from the list of trading participants by sending a message to the client’s email address or through the personal account on the electronic platform of the crypto exchange.

8.3.3. In the event the client is excluded from the list of trading participants:

  • the CCP shall terminate servicing of the client and close the client’s virtual account;

  • funds recorded in the client’s virtual account shall be transferred to the client’s bank account according to the details specified by the client;

  • crypto-assets recorded in the client’s virtual account shall be transferred to the address of the client’s crypto-wallet.

8.3.4. Transfer of funds and transfer of crypto-assets shall be carried out in the manner and within the periods determined by the agreement on participation in trading in crypto-assets.

8.3.5. In the event of a suspicious transaction involving crypto-assets, transfer of funds and transfer of crypto-assets shall be carried out after the crypto exchange has taken measures to prevent legalization of proceeds from crime, terrorist financing, and financing of the proliferation of weapons of mass destruction.

Chapter 9. Final Provisions

9.1. Persons guilty of violating the requirements of this Regulation shall bear liability in accordance with the legislation of the Republic of Uzbekistan.

9.2. Amendments and additions to this Regulation shall be made in the manner established by the legislation of the Republic of Uzbekistan.

9.3. This Regulation shall enter into force on the date of its approval.

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