Uzbekistan Opens Door to Cryptocurrency Exchanges, Offers Tax Benefits

[scooby_doo23955]

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.

[thepers0n]

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

[BestSSS]

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.

[JanpriX]

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. 

[SlashEject]

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.

[Fetwerivid]

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.

[btCHOOop]

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.

[MorningTradeNeo]

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.

[hometester]

Eastern countries in cryptocurrency is a good sign

[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/

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.

[lee cooper]

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.

[Stephen.88]

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.

[aoluain]

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.

[marcus00]

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.

[project_delta]

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/

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

[audaciousbeing]

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.

[Gabali126]

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.

[AnnaHom123]

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.

[jwplayer0]

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

[chekokhan]

good news 👍