Uzbekistan looks to start putting crypto assets in state-owned firms to attract investors
BAKU, Azerbaijan, Jan. 17
By Fakhri Vakilov - Trend:
Uzbekistan’s National Project Management Agency has developed a draft document on the initial placement of crypto assets into state-owned companies - Universal Mobile Systems and Uzbekhydroenergo, to attract investors, Trend reports citing Uzbek media.
The draft presidential decree "On measures to further develop the scope of the circulation of crypto assets in Uzbekistan" is open for discussion on Uzbekistan’s regulatory portal SOVAZ until January 31.
According to the document, a regulatory sandbox for development of digital technologies of Uzbekistan Blockchain Valley will be created to test and launch pilot projects to introduce blockchain technology, crypto assets circulation and other digital innovations.
By the end of 2020, projects on the initial placement of crypto assets (Security Token Offering - STO) will begin to work in it to attract foreign investment in Universal Mobile Systems and Uzbekhydroenergo.
STO is a form of attracting investments through the sale of tokenized securities to investors. It is distinguished by the fact that tokens are registered in the regulator. Such a measure helps provide additional security and transparency for investors.
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