Uzbekistan President Has Passed A New Crypto Regulation

Uzbekistan President Has Passed A New Crypto Regulation

Shavkat Mirziyoyev, the president of Uzbekistan, has signed a new regulation that expands the country’s crypto regulatory framework. 

According to Forklog, which cited the document, the president’s National Agency for Project Management has been rebranded as the National Agency for Perspective Projects. The NAPP will serve as the country’s primary crypto regulator.

The regulatory body has been responsible with implementing state policy in the crypto economy while also protecting investors’ rights. It will also be in charge of bringing blockchain technology to the public sector and using cryptocurrencies to combat money laundering, terrorist financing, and weapons proliferation.

Crypto assets are defined as property rights that represent a collection of digital records in a distributed ledger that have value and an owner, according to the decree. Citizens and companies in Uzbekistan will be able to purchase, sell, and trade cryptocurrencies through crypto service providers beginning January 1, 2023.

Digital asset exchanges, mining pools, crypto depositories, and crypto stores are among the companies listed in the President’s order as being under this category. They will be forced to register as local firms and get government permits or mining certificates.

In Uzbekistan, only registered companies will be permitted to mine bitcoin. During peak hours of use, mining farms will pay a higher electricity cost. Illegal mining will be outlawed. The regulation also prohibits the creation of “anonymous cryptocurrencies” and any transactions involving them.

Uzbek citizens would be unable to use or accept cryptocurrencies as a form of payment for products and services within the nation, as they were before. On the plus side, according to the agreement dated April 27, 2022, crypto-related transactions of people and businesses would not be taxed.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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