Political Science Law
| Open Access |
DOI: Asset Tokenization and Its Legal Types: International Experience and The Analysis of Uzbekistan’s Legislation
Marufjon Yokubjonov , Lecturer at Training Institute for Lawyers, UzbekistanAbstract
The tokenization of real-world assets represents one of the most transformative developments at the intersection of technology and law, challenging the foundational doctrines of property law, contract theory, and financial regulation. This article provides a rigorous comparative legal analysis of the conceptual nature of asset tokenisation, its internationally recognised legal typologies, and the specific regulatory framework established by the Republic of Uzbekistan. The article critically examines the four-category token taxonomy enshrined in Uzbekistan's NAPP Regulation No. 3397: the secured token, the unsecured token, the utilitarian token, and the stable token. Particular attention is devoted to the legal rationale underlying the prohibition on residents issuing Unsecured and Stable Tokens, which is analyzed through the lenses of investor protection, monetary sovereignty, systemic risk containment, and financial integrity. The article concludes with concrete de lege ferenda proposals for the modernization of Uzbekistan's digital asset regulatory architecture.
Keywords
Tokenization, token classification, crypto-assets
References
Republic of Uzbekistan, National Agency of Perspective Projects (NAPP). Order of the Director of NAPP, registered by the Ministry of Justice of the Republic of Uzbekistan under Registration No. 3397 (November 28, 2022): Regulation on the Procedure for Issuing, Registering, and Circulating Crypto-Assets by Residents of the Republic of Uzbekistan (NAPP Regulation No. 3397/2022).
NAPP (2022). White Paper for the AUZ Token (Aurum Uzbekistan) — Asset-Backed Investment Token. Tashkent: Asterium LLC / NAPP.
Civil Code of the Republic of Uzbekistan (1996, as amended).
Verstappen J. Tokenisation of Absolute Rights and Claims: On the Use of Tokens to Transfer Rights in Property Law. European Journal of Risk Regulation. Published online 2025:1-20. doi:10.1017/err.2025.27, https://www.cambridge.org/core/journals/european-journal-of-risk-regulation/article/tokenisation-of-absolute-rights-and-claims-on-the-use-of-tokens-to-transfer-rights-in-property-law/4A43E467455E5D46998E1000DBB25277
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Iffland, J., Davis, S., & Trankeenan, E. (2025). "Legal aspects of the tokenization of securities — The Swiss and UK approaches." Schweizerische Zeitschrift für Wirtschafts- und Finanzmarktrecht (SZW/RSDA), 5/2025, pp. 518–531.Lenz&Staehelin. https://www.lenzstaehelin.com/fileadmin/user_upload/04_SZW_5 2025_Iffland_Davis_Trankeenan_LINK.pdf;
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Copyright (c) 2026 Marufjon Yokubjonov
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