Fun

Uzbekistan President Issues Decree Regulating Cryptocurrencies, Mining and Trading

News Feed - 2022-05-02 06:05:11

Uzbekistan President Issues Decree Regulating Cryptocurrencies, Mining and Trading


The government of Uzbekistan has moved to expand its crypto regulations through a decree signed by President Shavkat Mirziyoyev. The document provides definitions for terms like crypto assets, exchange, and mining, and determines the main regulatory body for the industry. Agency Under President Mirziyoyev to Oversee Crypto Market in Uzbekistan


Uzbekistan’s head of state, Shavkat Mirziyoyev, has signed a new decree expanding the regulatory framework for the Central Asian nation’s crypto space. Its stated goal is to further develop digital technologies, create favorable conditions for entrepreneurship and improve the legislation in this sphere.


The National Agency for Project Management under the president has been transformed into National Agency for Perspective Projects, Forklog reported, quoting the document. The NAPP will become the country’s main crypto watchdog.


The regulatory body has been tasked to implement the state policy in the crypto economy and ensure investors’ rights are protected. It will also take charge of introducing blockchain technologies to the public sector and combatting money laundering, terrorist financing and weapons proliferation through cryptocurrencies.


The decree defines crypto assets as property rights representing a collection of digital records in a distributed ledger that have value and owner. Starting from Jan. 1, 2023, Uzbekistan’s citizens and companies will be allowed to buy, sell and exchange cryptocurrencies through crypto service providers.


The President’s order lists a number of entities that fall under this category, including digital asset exchanges, mining pools, crypto depositories, and crypto stores. They will be required to register as local businesses and obtain licenses or mining certificates from the government agency.


Uzbekistan legalized crypto trading in 2018 but in late 2019 the government banned local residents from purchasing cryptocurrencies. They could only sell. In November, 2021, citizens were allowed to trade crypto assets for national currency on licensed domestic crypto exchanges while non-residents were permitted to exchange digital coins for foreign fiat. Decree Bans Unauthorized Mining, Minting of ‘Anonymous’ Cryptos


Only registered firms will be able to mine cryptocurrency in Uzbekistan. Mining farms will pay a higher electricity tariff during peak hours of consumption. Unauthorized mining will be prohibited. The ban applies to the minting of what the decree calls “anonymous cryptocurrencies” as well and any transactions with them.


Just as before, Uzbekistanis will not be permitted to use or accept cryptocurrencies as a means of payment for goods and services within the country. On the positive side though, crypto-related transactions of individuals and companies will not be subject to taxation, according to the document dated April 27, 2022.


Tax breaks will also be provided to participants in a new regulatory sandbox that the NAPP will establish to pilot crypto projects. The entities involved in the trials will also be exempt from other obligations to the state budget, including customs payments other than the duties for imported hardware and software. Tags in this story Crypto, crypto exchanges, crypto miners, crypto mining, Cryptocurrencies, Cryptocurrency, Decree, Exchanges, Investors, licensing, Miners, mining, Payments, registration, Regulation, Regulations, trading, Uzbek, Uzbekistan, Uzbekistani


What are your thoughts on Uzbekistan’s new crypto regulations? Let us know in the comments section below. Lubomir Tassev


Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration. Bahrain Central Bank Issues New Regulations Governing Operations of Crowdfunding Platforms REGULATION | 13 hours ago India Exploring Commercial Uses for Central Bank Digital Currency, Says Finance Minister REGULATION | 17 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleAfter Solana’s Co-Founder Said BTC Should Change Its Consensus Algo, Solana Mainnet Loses Consensus for 7 Hours Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItTony Hawk"s Latest NFTs to Come With Signed Physical Skateboards


Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs ... read more.Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament Today"s Top Ethereum and Bitcoin Mining Devices Continue to Rake in Profits Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments Interest in Real Estate Investments in Spain Grew 400%, With Some Using Crypto and Stocks as Payment Method

News Feed

British Security Think Tank’s Report Warns NFTs Could Bolster Money Laundering Schemes
British Security Think Tank"s Report Warns NFTs Could Bolster Money Laundering Schemes The Royal United Services Institute (RUSI), the British defense and security think tank, ques
HistoryDAO’s Mission to Take History From the Victors and Give It to the Masses
HistoryDAO’s Mission to Take History From the Victors and Give It to the Masses sponsored Humans have sought to preserve memories since prehistoric times, etching images into cave
Shopify Joins Libra While Quitter Vodafone Advertises Bitcoin on Facebook
Shopify Joins Libra While Quitter Vodafone Advertises Bitcoin on Facebook Facebook’s coin project, Libra, continues to draw attention despite setbacks, including a shrinkin
New Exchanger for Cryptocurrencies From Swep.io: Speed, Convenience and No Limits of Exchange Operations
New Exchanger for Cryptocurrencies From Swep.io: Speed, Convenience and No Limits of Exchange OperationsA team of professional developers from Estonia is launching a new crypto exch
State Street reveals digital asset platform for institutional clients
Vince Quill12 hours agoState Street reveals digital asset platform for institutional clientsThe firm revealed it has “$44.3 trillion in assets under custody and/or administration and $4.4 trillion in assets under manag
Derek Andersen6 hours agoFed, BOE officials share continuing interest in CBDCs, stablecoin regulationSir Jon Cunliffe looks at payment solutions of the past and future in his last speech as deputy governor of the BOE.534
Kevin O’Leary Warns US Crypto Regulation Getting ‘Very Aggressive’ — ‘You’ve Got to Stay out of the Way of SEC’
Kevin O"Leary Warns US Crypto Regulation Getting "Very Aggressive" — "You"ve Got to Stay out of the Way of SEC" Shark Tank star Kevin O’Leary, aka Mr. Wonderful, has warned
Japanese Fintech Firm Kyash Raises $41 Million, Jack Dorsey’s Block Participates in Funding
Japanese Fintech Firm Kyash Raises $41 Million, Jack Dorsey’s Block Participates in Funding A Tokyo-based financial technology company called Kyash has raised $41.2 million in a
The Metaverse Is the Next Big Investment Theme, According to Morgan Stanley
The Metaverse Is the Next Big Investment Theme, According to Morgan Stanley Investment bank Morgan Stanley has stated the metaverse is now the next big investment theme, in a note
US Court Convicts ‘My Big Coin’ Founder in $6 Million Fraudulent Cryptocurrency Scheme
US Court Convicts "My Big Coin" Founder in $6 Million Fraudulent Cryptocurrency Scheme A federal jury has convicted the founder of “My Big Coin” in a fraudulent schem
Crypto Market Is ‘Development Vector’ of Nation’s Digital Economy, Ukraine President Says
Crypto Market Is ‘Development Vector’ of Nation’s Digital Economy, Ukraine President Says President of Ukraine Volodymyr Zelensky has highlighted the importance of launching
Prashant Jha13 hours agoAustralia open to idea of CBDC as future of money — RBAThe assistant governor of the Reserve Bank of Australia noted that pilot projects have highlighted several key areas where CBDCs could be o