Bitcoin Forum

Uzbekistan Opens Door to Cryptocurrency Exchanges, Offers Tax Benefits
In efforts to boost its market-based economy, the government of Uzbekistan has decided to take initiatives favorable to the growing cryptocurrency industry.

Uzbekistan Goes Fishing for Bitcoin Exchanges
The former Soviet nation confirmed that it is legalizing cryptocurrency exchanges and will allow blockchain companies to set up their offices in the state. The legalization came in the wake of a presidential decree that was signed to encourage the use of cryptocurrency and blockchain in Uzbekistan.

A document published at the behest of the president of the Republic of Uzbekistan, titled “On measures to organize the activities of crypto-exchanges in Uzbekistan,” revealed a set of official definitions for bitcoin-like cryptocurrencies. The state has confirmed that it will not treat cryptocurrencies like securities. Therefore, the laws that are common to security exchanges will not bother cryptocurrency exchanges.

Instead, the crypto trading businesses will come under a new set of rules, referred to as special normative acts.

Only foreign legal entities which already have a subsidiary or other enterprises in Uzbekistan will be able to open cryptocurrency exchanges. These entities will not be liable to pay taxes on their cryptocurrency turnovers. That said, any revenue derived in cryptocurrency will be untaxable, considering Uzbekistan will define cryptoassets as a set of data records on blockchain — which they indeed are — that has value and owner, according to the text.
https://www.ccn.com/uzbekistan-opens-doors-for-cryptocurrency-exchanges-with-tax-benefits/

This looks to be a sensible and realistic approach to crypto currency exchanges. Lets hope that other countries have the same idea, and that the new regulatory approach helps to reduce the number of scam coins.

This measure been implemented by them will be of help to all parties involved both the government, the exchange developer and its citizens using cryptocurrency because it will create trust with the support of their government and regulations.

We all know that bitcoin has expands its roots world wide and thus has become so successful and powerful crypto currency among all and moreover most importantly the most successful investment of the present times and there are even assumptions that bitcoin might even replace the available Fiat currencies and not only this there are even many countries who has legalised bitcoin in their nation and now they are happy with their decision as it has boosted up their development and increment in the GDP.

It's a wonderful news that more countries on the territory of the former Soviet Union open their doors to crypto currency. The first in this respect was Belarus.

The former Soviet block seems to have a soft spot for the blockchain technology. Uzbek has joined the Baltic states in the quest to embrace cryptocurrency. This is a good one. Although I am not expecting all countries to easily accept this move, it is good to note that the countries accepting are increasing.

It is always pleasant to read that one more country has realized. I wanted to quickly become aware of others. To brake myself harm.

now every country begins to open up with the existence of cryptocurrency, and now is the time to prepare themselves to welcome what will happen in the future
Will cryptocurrency be able to become a currency in each country? or not?

it is what claimed "riding on the wave," come to invest in our state to pay more taxes.
I do not think that such policies will lead to more investment platforms. It is regulation for fees, not the openness of this technology.
I hope that countries will do as Malta[1] did before and not just gain from the imposition of regulatory laws.

[1] Malta wants to become 'Blockchain Island'  (https://money.cnn.com/2018/07/18/technology/startups/malta-blockchain/index.html)

Digital currency, cryptocurrency in not like other monetary system. It is not a physical money, so it can not be accounted like other monetary industry, system, laws. The Uzbekistan is setting up a new industry, system and set of individual laws for bitcoin like crypto. That’s heart warming news.

It’s a great news for this market. Now this market will become more popular in Uzbekistan and they will invest on this market. I believe one day bitcoin will become a global currency.

this is good news, but why does cryptocurrency prices drop dramatically?
policies like this should be able to raise crypto prices by 30%, especially bitcoin and Ethereum
I am increasingly confused with the current market conditionss

That's great news! We have a country where you can legally exchange bitcoins and have no problems with the law!

I think that's a good thing. The country has accepted bitcoin, perhaps other countries will follow its example.

Any country that opens its door to cryptocurrency is a step closer to make this world a better place to live in. We are all going forward. Technology by leaps and bounds and so currency has to go along with it. Cryptocurrency is the currency of the future. It will take a great deal of time but gradually we are proceeding to that direction.

There is a huge market for crypto so they can expect a huge tax revenue if a large exchange decides to open up a trading office there. Malta is reaping the rewards right now and so others will do the same. Iran is also doing something similar as well

Yes it's good. Gradually, bitcoin is being used by people all over the world ... however this process is not fast. In Belousi, for example, you can generally deal with crypto-currencies without taxes and any restrictions at all ... but something I do not see here the people who do it. This only says that even now in the world too few people know ... or understand fully what crypto-currencies are and what you can do with their help

They just don`t legalized cryptocurrency, they are bringing the cryptocurrency and the market of their nations under a set of new laws than other the laws already exist.

This is good. But am I the only one wondering why suddenly countries are opening the window for Bitcoin and cryptocurrencies respectively? Just can't get my mind off this thought.

It's a good news. More and more countries legalize cryptocurrencies. This over time will break the resistance of central banks and those who resist the decentralization that cryptocurrencies bring.

This is the good news we want to hear, the republic of Uzbekistan have taken seer steps to legalize cryptocurrency in the country their decision is logical and responsible.

I think it is unbelievable experience for BTC. Moreover I think that crypto can become the real solution for developing countries to save their economics because it is a universal and unique currency

This is one of the few good news against the background of a bad market. More and more countries understand that blockchain technologies will not go anywhere and they will have to be accepted, so why interfere with this and push it away. Absolutely the right decision, I hope more and more countries in the world will follow suit.

Although the article is pegged as good news for the cryptocommunity, I'm having this feeling that their government is just playing along with the popularity of cryptocurrency right now and that they are planning something else about it in the future. I can't shake this idea that they're just doing this to attract many crypto exchanges in their country initially and that they will change something (along their regulations, tax, etc.) once these exchanges are already planted in their soil and will not have any choice but to follow them.

From my experience, government officials will always prioritize the well-being of their politicians above all else and they don't care about crypto as long as they get huge amount of tax/money from it. Hoping that my ideas will be wrong in the future. Don't get me wrong, I'm happy that somehow, we (cryptocurrencies) are moving forward in other parts of the world. I'm just being paranoid here.  :P

It is a good step taken by the government of Uzbekistan. It might even play a role to fix their economic condition because the rate of inflation in that country is very high.

I feel very happy when i heard, something happening with crypto currency like price to moon, new nations accepting or a govt validating this currencies. These news prove thta, very soon, This market aquire popularity around the world.

The cryptocurrency has always been a potential platform which has many benefits. It's good that the Uzbekistan government has come up with such a good initiative. I hope they are successful in pulling it off and also at the same time I hope that the other countries could also come up with such a plan.

This does look like a good initiative by the country and will be able to play a major role in making the economic state of the country better. Let's hope that other countries will get inspired by this too.

Eastern countries in cryptocurrency is a good sign

As I always need not to state the same thing every time that bitcoin is a decentralised crypto currency and there are very few countries who has legalised bitcoin in their nation, as a whole there is no such proper authentic regulating body over the bitcoin and only those countries can control bitcoin activities who have legalised it in their nation and thus controlling many illegal activities also and it feels very pleasure that now many countries are understanding the potential of bitcoin and Uzbekistan is one of them.

A good start if Uzbekistan offers crypto exchanges and uses tax. I think this is a policy that will later become a global market that has many communities. By opening the crypto exchange certainly, the support comes from various parties so that large or small companies will also have good benefits.

I am increasingly confused with the current market conditions. We have a country where you can legally exchange bitcoins and have no legal issues! The country has accepted bitcoin, perhaps other countries will follow its example.

Good news.
There are some countries looking to move forward with crypto and Uzbekistan
seems to see a future in the technology. Eventhough there will not be revenue
generated from the exchanges turnover there should still be benefits for the
country.

We are all moving forward. Electronic money is the currency of the future. There is a huge market for cryptography so they can expect a huge tax revenue if a large exchange decides to open a trading office there. Yes it's good. In Belousi, for example, you can usually deal with electronic money without taxes and any restrictions at all ... but something I do not see here does.

More and more countries pouring in will lead to bitcoin to a new level. Where the bitcoin haters at?

This is really a great one that needs to be commended by the government of Uzbekistan at this time but the conditions they attached is something that might shut the big players out from their economy as they won't be able to achieve that they have set out. Insisting that only international companies that have branches in their country are allowed to set up exchange is not the right move. Also, the complete exemption of tax from such inflow is call to abuse because while government with a noble intention to develop that sector with such policy, individuals are ready to exploit it as a means to evade tax.

There is also the need to start amending the narration by shift the full attention away from exchange to application of blockchain in daily live and making it easier as that is what would really improve the economy and make life easy for an average citizen.

I think more and more countries are increasing their support base for cryptocurrency. Some even want to be among the early adopters of cryptocurrency. I think this is good.

More and more countries are legalizing electronic money. This is good news that we would like to hear, the Republic of Uzbekistan has taken the next steps to legalize electronic money in their country of their decision is reasonable and responsible. Furthermore, I think encryption can become the real solution for developing countries to save their economies because it is a universal and unique currency. More and more nations understand that blockchain technology will not go anywhere and they will have to be accepted, so why intervene and push it away. Although the article is considered good news for the crypto community, I have the feeling that their government is only playing along with the popularity of electronic money right now and they are planning something else on it in the future. In my experience, government officials will always give priority to their politicians on all others and they are not interested in encryption as long as they receive a lot of tax money from it. Do not get me wrong, I'm happy that somehow, electronic money is moving forward in other parts of the world.

I think in the future we can expect more and more similar announcements because countries like Uzbekistan (i mean small countrys) are hoping for a lot of money from this business and perhaps sooner or later a giant country will act like this (like China) and then the processes will start like the domino game and lot of country will accept with better than better options for us

good news 👍