In Uzbekistan, Cryptoproviders Are Allowed to Use Third-Party Verification of Clients

The Cabinet of Ministers of Uzbekistan has allowed cryptocurrency providers to use third-party verification for clients. Cryptocurrency exchanges and stores in Uzbekistan have been given the right to attract specialized organizations to verify the authenticity of customer data. The corresponding changes to the internal control rules have been published on Lex.uz.

The amendments were approved by a joint decree of the National Agency for Prospective Projects (NAPP) and the Department for Combating Economic Crimes under the General Prosecutor's Office. According to the updated rules, providers of services in the field of cryptocurrency circulation can turn to a third party for identification and verification of users as part of due diligence measures. At the same time, the responsibility for implementing internal control standards remains with the services themselves.

In addition, personnel and organizational criteria have been tightened. Only specialists with the rank of deputy head of the organization are now allowed to be appointed to the position of person responsible for internal control. New licensees are required to submit data on such an employee to the regulator within a month from the date of issuance of the license, and existing companies - annually by January 10. It is forbidden for companies and residents from jurisdictions that do not cooperate in the field of combating the legalization of criminal proceeds to own or manage services.

Providers are required to update information about users and their risk levels at least once a year, as well as to investigate the ownership structure and business activities of clients. Information about suspicious transfers must be sent to the Department under the General Prosecutor's Office no later than the next working day, exclusively through secure communication channels.