Uzbekistan has taken steps to legalize its crypto sector as part of the efforts by the government in Tashkent to boost the country’s development through innovation.
Uzbekistan’s President Shavkat Mirziyoyev has issued a special decree that will help prepare the legal ground for the implementation of blockchain technologies, the circulation of cryptocurrencies, and the regulation of mining.
On Tuesday 3rd of July, the document, “On measures for the development of the digital economy in the Republic of Uzbekistan,” was signed. While on 4th July the document was published.
Decree №ПП-3832 , which enters into force with its publication, notes that the technologies of blockchain, artificial intelligence, supercomputers, as well as the activities related to crypto assets are some of the main directions for digital development in many countries around the world.
Uzbekistan’s head of state has marked several tasks to further the development of the digital economy, the improvement of government systems and the creation of conditions for innovations in his country. Topping Mirziyoyev’s list is the introduction and expansion of activities related to the circulation of crypto assets, mining, smart-contracts, crowdfunding and blockchain technologies that can diversify investment and entrepreneurship. Some of these terms have been given proper definitions.
According to the decree currency operations conducted by corporate entities and natural persons, including non-residents, related to the circulation of crypto assets, are not subject to taxation, and incomes received from such operations are not part of the taxable base.
Also, crypto transactions by licensed entities will not be governed by the provisions of the regular currency law, according to the president.
The plan or goal of executive power in Uzbekistan is legalize cryptocurrencies and implementing blockchain technology in both government and economy.