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Regulation on the Disciplinary Commission of the Crypto Exchange and the Imposition of Fines

Revised on June 9, 2026

Chapter 1. General Provisions

1.1. This Regulation is developed in accordance with the Rules for trading crypto-assets on a crypto exchange, approved by Order No. 33 dated July 18, 2022, of the 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) (hereinafter – the Rules).

1.2. This Regulation defines the goals, objectives, functions, rights and obligations, as well as the procedure for formation and operation of the disciplinary commission of the crypto exchange (hereinafter – the Commission), and the procedure and conditions for imposing fines for violations related to trading crypto-assets.

1.3. This Regulation applies to all trading participants, clearing participants, and other clients of the crypto exchange.

Chapter 2. Terms and Definitions

2.1. This Regulation uses the terms and definitions set out in the Rules, as well as the following:

  • disciplinary commission — a collegial body of the crypto exchange that reviews cases of violations of trading rules, internal acts, and contractual obligations by participants, and makes decisions on the application of fines;

  • disciplinary violation — an action (or inaction) by a trading participant, clearing participant, or other client that contradicts the Rules, internal acts, agreements, or established procedures;

  • fine — a monetary penalty imposed for a disciplinary violation;

  • non-acceptance debit (direct debit) — unilateral withdrawal by the crypto exchange of funds, crypto-assets, or other property from a user’s account without additional consent, if предусмотрено applicable documents;

  • price manipulation — actions that significantly affect supply, demand, price, or trading volume with the aim of artificially inflating or deflating prices;

  • deposit (margin) — funds transferred by a clearing participant to secondary accounts to secure obligations under transactions;

  • enforcement measures — actions and sanctions applied by the exchange, including fines, direct debits, cancellation of transactions, or restriction of access.

Chapter 3. Formation and Composition of the Commission

3.1. The Commission is formed by decision of the head of the crypto exchange for a term of 2 years.
3.2. The composition is approved by order of the head of the crypto exchange.

3.3. The Commission includes representatives of:

  • legal department;

  • security department;

  • clearing unit;

  • trading operations unit;

  • IT and cybersecurity unit.

3.4. The Commission consists of an odd number of members, but not fewer than 5 persons.

3.5. The Commission includes:

  • Chairperson;

  • Deputy Chairperson;

  • Secretary;

  • Members.

Chairperson:

  • manages activities;

  • convenes meetings;

  • signs decisions;

  • represents the Commission.

Deputy:

  • substitutes the Chairperson;

  • performs assigned duties.

Secretary:

  • organizes meetings;

  • keeps records;

  • maintains documentation.

Chapter 4. Functions, Rights and Obligations

4.1. Functions:

  • review violations;

  • impose fines and sanctions;

  • resolve disputes;

  • investigate manipulation and insider use;

  • analyze practice and improve rules;

  • prevent violations.

4.2. Rights:

  • request documents and information;

  • invite participants and experts;

  • impose sanctions;

  • propose suspension of access;

  • improve internal regulations.

4.3. Obligations:

  • ensure objective review;

  • comply with law and rules;

  • maintain confidentiality;

  • meet deadlines;

  • store case materials (at least 5 years).

Chapter 5. Procedure of Work

5.1. Grounds for cases:

  • internal reports;

  • complaints;

  • audit materials;

  • clearing notifications;

  • signs of manipulation or insider use;

  • other information.

5.2. Meetings are held as needed, at least monthly.
5.3. Convened by Chairperson or Deputy.

5.4. Members are notified at least 3 working days in advance.
5.5. The person concerned is notified at least 5 working days in advance.

5.6. Case may be reviewed in absence if properly notified.
5.7. Quorum: more than half of members.

5.9. During review:

  • explanations are heard;

  • documents examined;

  • opinions considered;

  • decision made.

5.11. Review period: up to 30 days (extendable by 30 days).

5.12. Decisions:

  • impose fine;

  • apply other measures;

  • dismiss case;

  • request additional review;

  • postpone.

5.14. Decision includes:

  • date and place;

  • composition;

  • details of person;

  • facts;

  • violation;

  • sanction;

  • execution procedure;

  • appeal procedure.

5.16. Copy sent within 3 working days.
5.17. Appeal period: 10 working days.

Chapter 6. Types of Violations and Measures

6.1. Categories:

  • minor;

  • significant;

  • gross violations.

6.2. Failure to fulfill obligations → fine equal to deposit.
6.3. Late additional funding → up to 10%.
6.4. False information → 50–100 base units.
6.5. Price manipulation → 100–300 + suspension.
6.6. Insider use → 300–500 + suspension.
6.7. Trading violations → 30–60.
6.8. Repeated violations → 30–60 + exclusion.

6.8. Abuse of internal arbitrage:

  • full confiscation of profit;

  • additional fine.

6.9. Other violations → 5–30.

Chapter 7. Imposition and Collection of Fines

7.1. Fine based on severity and circumstances.

Mitigating factors:

  • voluntary admission;

  • устранение последствий;

  • first violation;

  • no damage.

Aggravating factors:

  • refusal to cooperate;

  • repeated violation;

  • significant damage;

  • intent.

7.4. All fines are collected via direct debit from client accounts.

7.5. If insufficient funds → payment demand (up to 10 days).

7.6. If unpaid:

  • suspension;

  • court claim;

  • termination of agreement.

7.8. Compensation goes to injured party where applicable.
7.9. Other fines go to the exchange.

7.10. Exchange may claim full damages and lost profit.

Chapter 8. Final Provisions

8.1. Amendments made by the head of the exchange.
8.2. Commission may propose changes.
8.3. Effective upon approval.
8.4. Binding for all participants.
8.5. Disputes resolved through negotiations or court.

This document is the intellectual property of Joint Stock Company «ASTERIUM». Any copying, distribution, or use without written permission is prohibited.

© Joint Stock Company «ASTERIUM».

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