Friday, June 9, 2023
HomeRegulationsUzbekistan to legalize cryptocurrency, crypto exchanges, mining and blockchain

Uzbekistan to legalize cryptocurrency, crypto exchanges, mining and blockchain


Decree of the President of July 3, 2018, approved measures to develop the digital economy in the Republic of Uzbekistan.

The document was approved by the National Agency for Project Management (NAPU) under the President of the Republic of Uzbekistan by the authorized body in the field of introduction and development of the digital economy.

According to the resolution, transactions of legal entities and individuals related to the turnover of crypto assets, including those carried out by non-residents, are not taxable objects, and incomes received from these transactions are not included in the taxable base for taxes and other mandatory payments.

The National Agency for Project Management under the President and the Ministry for the Development of Information Technologies and Communications was commissioned to develop and implement in 2018-2020 a Program for the Development of Technology “blockchain“, which provides:

a) the introduction and development of activities in the area of the turnover of crypto assets, including by creating a legal framework for the organization of this activity, while providing for the possibility of implementing crypto assets on local and international crypto exchanges;

b) the introduction from January 1, 2021, of “blockchain” technologies:

– in the activities of state bodies, including interaction with other state bodies and other organizations, the implementation of public procurement, provision of public services, verification of personal information;

– when maintaining state registers, classifiers and other databases, including updating and use of information included in them;

– in the system of corporate governance of large commercial organizations with the state’s predominant participation in the statutory fund, including for improving business processes, optimizing production, administrative and operational processes, as well as introducing modern management and resource management:

– in clearing operations, when making payments, trade financing (letter of credit), as well as project lending.

From October 1, 2018, an order is introduced according to which activity in the area of the turnover of crypto assets, including the creation of crypto exchanges for the trade in crypto assets, is subject to licensing. The authorized body for licensing activities in the area of turnover of crypto assets will also be NAPU.

Foreign exchange transactions related to the circulation of crypto assets are not subject to the norms of legislation on currency regulation.

Until January 1, 2019, the draft law “On Digital Economy and Blockchain Technologies” will be developed, which provides for:

– basic concepts in the field of “blockchain” technologies and the principles of its functioning;

– powers of state bodies, as well as participants in processes in the field of “blockchain” technologies;

– measures of responsibility in case of using “blockchain” technologies for illegal purposes.

Get The Latest Cryptocurrency News First - Join Us In Telegram

Recent Posts

Most Popular