Uzbekistan's Ministry of Justice has registered amendments to the special legal regime for testing crypto technologies under regulatory oversight. Stablecoin issuers are now permitted to use government securities as collateral for digital assets.

Previously, participants in this experimental regime could only issue stablecoins backed by national or foreign currency. The new rules expand the range of acceptable collateral.

Under the new requirements, cash funds must be placed in a special account at the Central Bank, while government securities are blocked by the Central Depository in favor of the regulator. The issuer retains the right to receive income and interest on these securities.

To protect digital asset holders, a mandatory condition is set: the total value of funds in the Central Bank account and the nominal value of blocked government securities must not be less than the total nominal value of all stablecoins in circulation.

It is prohibited to form such collateral using loans, pledged property, or other borrowed funds.

Earlier, an organized criminal group involved in illegal crypto asset trafficking was dismantled in Tashkent. The turnover of the scheme amounted to $1.5 million.

Source: podrobno.uz