Uzbekistan Opens Door to Cryptocurrency Exchanges, Offers Tax Benefits

[oksgvardukraine2018]

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/

[Jet Cash]

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.

[Kayuslawal]

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.

[stayeduptolate]

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/

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.

[AristoteI]

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.

[MainIbem]

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.

[isllander]

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

[Shreek]

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?

[hugeblack]

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'

[Hercerays]

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.

[Eto_mete]

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.

[rollingstorm45]

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

[Legendari]

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

[BlockchainGod]

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

[DomainTorrent]

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.

[coinwizard_]

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

[kamoto]

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

[FunZedCrypto]

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.

[Sandus_Cryptolover]

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 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.

[Nexigen]

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.