Policy on the Procedure for the Issuance, Registration of Issuance, Initial Offering, and Circulation of Asset-Backed Tokens | Asterium

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Chapter 1. General Provisions

This Regulation determines the procedure for the issuance, registration of issuance, initial placement, and circulation of secured tokens in the territory of the Republic of Uzbekistan.
The following basic concepts are used in this Regulation:

secured token — a token backed by some tangible or other property;
token — a type of crypto-asset that is a unit of account in a distributed ledger, serves to certify an obligation or ownership right to a certain asset, and is managed on the basis of a smart contract;
smart contract — an agreement in electronic form, the execution of rights and obligations under which is carried out by automatically performing digital transactions;
investment token — a type of secured token certifying property rights or loan relations between the issuer of secured tokens and their holders. Investment tokens entitle their holder to receive repayment of principal, periodic interest, and/or part of the issuer’s income;
asset-backed token — a type of investment token that grants its holder rights to a tangible asset;
commodity token — a type of secured token that is a digital analogue of a commodity, including one used to define, track, and monitor a supply chain and/or as an instrument for transferring value in exchange for a good and/or service;
issuance of a secured token — organizational and technical measures aimed at the creation of a secured token;
registration of the issuance of a secured token — verification and inclusion by a crypto-depository in the electronic register of crypto-assets for the purpose of admitting issued secured tokens into circulation, in accordance with the requirements of this Regulation;
initial placement of a secured token — the process of introducing secured tokens into circulation on the electronic platform of a crypto-depository, crypto-exchange, or the issuer’s ecosystem for the purpose of attracting investment and financing activities;
private sale — a type of sale carried out by placing secured tokens among a limited number of investors without public announcement and without conducting an advertising campaign;
public sale — a type of sale carried out by placing secured tokens among an unlimited number of investors while conducting an advertising campaign, including through a public offering of secured tokens;
listing — the process by which a crypto-exchange admits secured tokens for circulation on the electronic platform of the crypto-exchange;
authorized body — the National Agency for Prospective Projects of the Republic of Uzbekistan;
crypto-depository — a legal entity resident in the Republic of Uzbekistan that provides an electronic platform and/or a set of technical and software tools for rendering services related to the issuance of crypto-assets, their initial placement, and storage;
crypto-exchange — a legal entity engaged in organizing trading in crypto-assets, including electronic platforms for trading crypto-assets, where buyers and sellers carry out transactions with crypto-assets;
“White Paper” declaration — a document containing information about the activities of the issuing organization that attracts investments through the placement of secured tokens;
issuer — a legal entity or an individual entrepreneur resident in the Republic of Uzbekistan that issues secured tokens and bears obligations established by the “White Paper” declaration and/or an agreement toward their holders;
electronic register of crypto-assets (hereinafter — the register) — an information resource of the authorized body recording the registration by a crypto-depository of issuances of secured tokens in the territory of the Republic of Uzbekistan;
holder of a secured token — a legal entity or an individual who has obtained the right to own secured tokens issued by the issuer and registered in the established manner;
issuer’s ecosystem — the issuer’s information system intended for the issuance, distribution, and circulation of secured tokens.

In the territory of the Republic of Uzbekistan, residents are prohibited from issuing the following crypto-assets, and crypto-depositories are prohibited from registering such issuances:

stable tokens.

The nominal value of secured tokens issued by the issuer must be denominated in the national currency.
The use of crypto-assets as collateral for secured tokens issued by the issuer shall not be permitted.

It is prohibited to use in the name or symbols of issued secured tokens the words “state”, “backed by the state”, “supported by the state”, “Uzbekistan”, “Uzbek”, “national”, “soum (UZS)”, as well as the names of cities of the Republic of Uzbekistan in full or abbreviated form, using any combinations thereof in any language and in any form.

Chapter 2. Issuance of Secured Tokens and Registration of Issuance

Issuers may issue secured tokens through a crypto-depository or a crypto-exchange licensed to carry out crypto-depository activities, except for persons included in the list of persons involved in or suspected of involvement in terrorist activities or the proliferation of weapons of mass destruction, in accordance with legislative acts in the field of combating the legalization of proceeds from crime, financing of terrorism, and financing of the proliferation of weapons of mass destruction.
The decision on the issuance of secured tokens shall be made by the issuer or its governing body and must contain:

the date of the decision;
the full name of the issuer, its location (postal address), and email address;
the number of secured tokens issued;
the type and scope of rights attached to the secured tokens, as well as information about the smart contract and distributed ledger;
the procedure for transferring rights to the secured tokens to their holder;
the rights of the holder of secured tokens;
the conditions for placement and management of secured tokens.

The decision on the issuance of secured tokens must be published on the official website or another information resource of the issuer one month before their initial placement.
The decision on the issuance of secured tokens must provide for the issuance and registration of only one type of secured token.
Registration of the issuance of secured tokens shall be carried out exclusively by a crypto-depository.
For registration of the issuance of secured tokens, the issuer must submit a “White Paper” declaration to the crypto-depository. In this case, the “White Paper” declaration must specify the following information:

issuer data (full name of the legal entity, surname, first name and patronymic of the individual entrepreneur, type of activity, the product issued by the issuer or the service provided);
information about the distributed ledger technology and the electronic platform used for the issuance, storage, and/or distribution of secured tokens, as well as measures taken by the issuer and/or the network owner to ensure network security;
information about the developer (development team) that issued the secured tokens;
the main characteristics of the secured token, including the rights attached to the secured token and details of the project financed through their exchange;
information about methods or mechanisms for transferring ownership rights to secured tokens (certification, data registry, etc.);
the methodology for assessing the value of the issued secured token;
information on risks that may arise as a result of fraud, hacking attacks, and/or other financial crimes and measures against them;
information on the methods and procedure for repurchasing secured tokens (cases and amounts, refund method, etc.) after their initial placement on the electronic platform of the service provider;
information about the project and its development, to be implemented using the funds received from bringing secured tokens into circulation (what project will be implemented, its timeline, and mechanisms);
information about the tangible and/or other property contributed as collateral for the secured tokens, including documents confirming ownership rights to such property;
additional information determined by the local acts of the crypto-depository, including information on the advertising of secured tokens.

The crypto-depository shall independently make a decision on the issuance and registration of the issuance of secured tokens in accordance with this Regulation, legislative acts in the field of crypto-asset circulation, and its local acts.
When registering the issuance of secured tokens, the crypto-depository must ensure verification of the existence of the tangible and/or other property contributed as their collateral. The crypto-depository shall place in public access on the global information network Internet the information specified in the decision on the issuance of secured tokens.
The crypto-depository shall ensure the availability of the information specified in the decision on the issuance of secured tokens from the date of their placement until the date of transfer of the secured tokens to their holders.
After deciding to register the issuance of secured tokens, the crypto-depository must notify the authorized body thereof within one day.
Notification of the authorized body shall be made by entering the relevant information into the register and obtaining a serial number issued automatically.
The issuance of secured tokens shall be deemed registered from the moment the relevant information is entered into the register and a serial number is obtained.

Chapter 3. Initial Placement of Secured Tokens

The initial placement of secured tokens shall be carried out by the issuer for the purpose of attracting investment and developing activities, in accordance with this Regulation and the local acts of the crypto-depository.

The initial placement of secured tokens shall be carried out by the crypto-depository by listing their initial offering on crypto-exchanges, its own, or other electronic platforms where trading in crypto-assets is carried out.
The procedure and conditions for admitting secured tokens to circulation shall be determined in an agreement concluded between the crypto-depository and the crypto-exchange or other electronic platforms on which trading in crypto-assets is carried out.
The initial placement of secured tokens may be carried out by way of a private sale or a public sale.
In a private sale, secured tokens are placed among a limited number of investors without public announcement and without conducting an advertising campaign.
In a public sale, secured tokens are placed among an unlimited number of investors while conducting an advertising campaign, including through a public offering of secured tokens.
The issuer shall, in the cases and in the amount provided for by the “White Paper” declaration and/or contractual obligations, carry out the repurchase of secured tokens after their initial placement.

Chapter 4. Circulation of Secured Tokens

The recording of rights to secured tokens whose issuance has been registered shall be carried out by registration on the electronic platform of the crypto-depository and in the distributed ledger.
Rights to secured tokens shall pass to the holder of secured tokens from the moment the relevant entry is made on the electronic platform of the crypto-depository.
The holder of a secured token shall have the right to:

dispose of secured tokens, receive benefits or other privileges in the amount established by the agreement;
sell, transfer, and/or exchange secured tokens, unless otherwise provided by the agreement;
request and receive information on completed transactions from the crypto-depository within the scope and extent relating to them.

The holder of secured tokens may have other rights in accordance with legislative acts in the field of crypto-asset circulation and the requirements determined by the crypto-depository.
The holder of a secured token shall be obliged to:

if applicable, comply with all requirements and conditions defined by the agreement for the purchase of secured tokens;
disclose information on the acquisition of 35 percent or more of the total number of secured tokens issued by the issuer.

The procedure and сроки for disclosure of information by the holder of secured tokens shall be determined in accordance with the local acts of the crypto-depository.
Residents of the Republic of Uzbekistan shall have the right to carry out on the electronic platform of a crypto-exchange:

all types of trading in secured tokens on the crypto-exchange for national currency, including transactions for the purchase and sale of secured tokens on the direct trading platform;
with non-residents of the Republic of Uzbekistan, only transactions for the sale of secured tokens for foreign currency.

In the territory of the Republic of Uzbekistan, it is prohibited to conduct transactions for the purchase and sale of secured tokens for national and/or foreign currency, as well as the exchange of secured tokens for other crypto-assets, outside service providers, except in cases provided for by law.

Chapter 5. Final Provisions

Disputes between the crypto-depository, issuers, and holders of secured tokens shall be resolved by agreement of the parties or in court.
Persons guilty of violating the requirements of this Regulation shall bear liability in accordance with the procedure established by law.

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This document is published in its current version and updated by the legal team as changes occur.