Uzbekistan legalized cryptocurrency exchanges

Gold monetization in Uzbekistan

Uzbekistan legalized cryptocurrency exchanges

President of Uzbekistan Shavkat Mirziyoyev signed a decree on the legalization of the activities of branches of foreign cryptocurrency exchanges and the allocation of land plots for mining companies.

The document provides for the licensing of trading platforms and a number of requirements for organizing activities in the country. The companies will be governed by separate regulations and laws that differ from those for traditional exchanges and assets. The cryptoindustry will be controlled by the National Agency for Project Management under the President and other government agencies.

A special feature is that only foreign companies can obtain a license. At the same time, transactions with cryptocurrency are not taxed, and the income received is not included in the gross amount. To start working, the authorized capital of the company must exceed 30 thousand minimum wages ($ 23.5), and the amount exceeding 20 thousand minimum wages must be reserved in an account with one of the local banks. You will also need to create an electronic system using Uzbek servers..

Crypto exchanges will be able to independently determine the level of commissions and conduct any legal transactions with digital assets. Not only foreigners will be able to trade, but also local residents. Additionally, the resolution provides that Uzbek energy companies, together with the National Project Management Agency, will allocate land plots for the organization of mining companies that consume more than 100 kWh per hour, without bidding.

In Russia, the status of cryptocurrencies and related activities has not yet been determined, but by March 2019 it must introduce FATF standards on combating money laundering in this area into its legislation.

text: Ivan Malichenko, photo: Arian Zwegers / Flickr