Uzbekistan President Signs Decree On Blockchain, Crypto Activities

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The President of Uzbekistan, a former Soviet republic, has signed a decree regarding the development and integration of blockchain technology, cryptoassets, and crypto mining.

With the move, President Shavkat Mirziyoyev aims to modernize the state administration system and advance the country's digital economics.

The decree, "On measures for digital economics development in the Republic of Uzbekistan," calls for the creation of conditions to introduce digital economics in Uzbekistan.

It details key development trends of digital economics globally. These include blockchain, a decentralized, distributed and public digital ledger technology, along with artificial intelligence or AI, supercomputers, and crypto-related activities.

As per the document, one government office has been designated to design and implement a program on blockchain development from 2018-2020.

From January 1, 2021, the country plans to integrate blockchain into the operation of governmental agencies, systems of corporate management, and in clearing transactions.

Those who wish to do business in the field of cryptoassets, including crypto exchanges, need to acquire special licenses.

"The turnover of cryptoassets is regulated by special regulatory legal acts. Operations related to this turnover are not subject to be taxed, while the revenues received are not included to the tax base," it said.

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