Uzbekistan President Signs Decree On Blockchain Integration, Tax Exclusions

July 5, 2018 5:39 pm Published by

Uzbekistan President Shavkat Mirziyoyev signed a decree Tuesday on the development and integration of blockchain technology, crypto-assets, and crypto mining with the goal of modernizing the state administration system and advancing digital economics in the country, CoinTelegraph reported Thursday.

The document, which calls for the creation of conditions to introduce “digital economics to the country, describes blockchain, artificial intelligence (AI), supercomputers, and crypto-related activities as key development trends of digital economics globally, the report said.

The decree designates the Government Office for Project Management and Ministry for Development of Information Technologies and Communications to design and implement a program on blockchain development from 2018-2020, CoinTelegraph reports.

Starting January 1, 2021, the report said, blockchain reportedly will be integrated into the operation of governmental agencies for the purposes of verifying identifying information, in systems of corporate management and in clearing transactions. Entities wishing to do business in crypto-assets, including the operation of crypto exchanges, will have to acquire special licenses, CoinTelegraph reported. 

In addition, the report said, the decree references a limited tax regime on crypto-assets: “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.”

Back in February, CoinTelegraph reports, Uzbekistan announced it will publish its plans to regulate blockchain and cryptocurrency in September 2018, while a “Blockchain skill center” will begin operating in July. 

The center will reportedly “[formulate] conditions for the use of blockchain’s potential, increasing professional ability and supporting native developers in its uptake,” the report concluded., Jack Durschlag

Have your say:

Your email address will not be published. Required fields are marked *