[2018-09-06] Uzbekistan Legalizes Crypto Exchanges and Trading

[ivanpoldark]

A new presidential decree legalizes cryptocurrency trading in Uzbekistan, introducing licensing for crypto exchanges and a set of requirements they will be obliged to meet. To operate in the country, foreign trading platforms will have to establish local subsidiaries and abide by the country’s relevant laws.

Decree Introduces Licensing for Crypto Exchanges

Uzbekistan’s President, Shavkat Mirziyoyev, has signed a decree legalizing the activities of cryptocurrency exchanges, local and regional media reported. The document introduces a licensing regime for trading platforms as well as a number of requirements they need to meet in order to be allowed to operate in the Central Asian country. It comes after an earlier decree issued in July prepared the legal grounds for regulating crypto-related activities.

The decree “On measures to organize the activities of crypto-exchanges in Uzbekistan”, № ПП-3926 from September 2, states that an organization which provides an electronic platform for the exchange, purchase and sale of crypto assets is recognized as crypto exchange in Uzbekistan. The legal document defines ‘crypto assets’ as a set of records in a blockchain that has value and owner.

Read more: https://news.bitcoin.com/uzbekistan-legalizes-crypto-exchanges-and-trading/

[Faeton]

Very interesting and good law. Licensing is actually introduced for foreign legal entities that will deal with crypto-currency in the territory of Uzbekistan. I particularly liked that any income in the crypto currency of individuals and legal entities in Uzbekistan is not subject to taxation. Crypto currency in this country will develop and prosper. Near Russia this is already another state of the former USSR after Belarus, where very much have been introduced good conditions for the introduction of the crypto currency and the complete absence of taxation on it. In Russia itself this will not happen yet.

[Slow death]

[...]

Why our news channels did not bother to look for and publish such documents in ingles to we see what they are exactly demanding? because we may think that this is a good thing for cryptos when in fact it is something very bad for cryptos. So far, many regulations seem only to focus on money laundering and terrorist financing rather than focusing on fostering a harmonious environment among banks, cryptos and people who are going to buy cryptos and ensure the safety of investors

this document:ПП-3926 is  Uzbekistan language