President of Uzbekistan Signs Decree on Blockchain Integration, Tax Exclusions for Crypto
05 Juli 2018 - 11:17AM
ADVFN Crypto NewsWire
The President of Uzbekistan has signed
a decree on the development and integration of blockchain
technology, cryptoassets, and crypto mining with the goal of modernizing the state
administration system and advancing digital economics in the
country. President Shavkat Mirziyoyev signed a decree “On measures
for digital economics development in the Republic of Uzbekistan” on
July 3.
The document describes blockchain, artificial intelligence (AI), supercomputers, and
crypto-related activities as key development trends of digital
economics globally. The decree calls for the creation of conditions
to introduce “digital economics” in Uzbekistan.
According to the decree, the Government Office for
Project Management and Ministry for Development of Information
Technologies and Communications are designated to design and
implement a program on blockchain development from 2018-2020.
Starting January 1, 2021, 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 that wish to do business in the
field of cryptoassets, including the operation of crypto exchanges,
will have to acquire special licenses. The decree references a
limited tax regime on cryptoassets:
“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.”
In February, 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.”
This spring, another Central Asian country, Kyrgyzstan, released plans to digitize
patent records and create a blockchain-based database for the State
Patent Office of Kyrgyzstan (KyrgyzPatent) with assistance from the
Russian National Intellectual Property
Transactions Coordination Center (IPChain).
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