The government of Uzbekistan has decided to attract foreign players in the cryptocurrency market: for this, the government legalized the activities of cryptocurrency exchanges.
The decree of the President of the country Shavkat Mirziyoyev on September 2, said that revenues associated with digital currencies will be taxed, and those foreign companies that will open their site in Uzbekistan will be subject to the laws on securities and exchanges.
To use these bonuses, companies will only need to obtain a state license of Uzbekistan on the implementation of cryptocurrency trading to their subsidiaries in the country. When licensing Uzbek regulators will check whether the statutory Fund of the exchange rate, the amount of which shall not be less than 30 000 minimum wage in the country (about $700 000), whether the servers in the Uzbekistan and comply with the company procedures of combating money laundering. In addition, all licensed cryptocurrency trading platform are required to keep records of customer transactions for five years.
The decree describes some of the benefits for miners. Federal and local governments will be required to provide industrial miners the ability to use more than 100 kWh of energy to “specially designated areas”, without conducting an auction. The document also refers to the establishment of a Fund to support the development of the digital economy in the country, which will help the blockchain startups. For the first time about the organization of a special Fund for innovative industries, the government of Uzbekistan began to speak in February.
Recall that in July, President of Uzbekistan signed a decree on the introduction of the blockchain in the current system of government. It was accordingly designated the new principles of regulation of cryptocurrency in the country, in particular, the rules for licensing kryptomere.
