Uzbekistan creates favorable conditions for cryptocurrency exchanges and miners

Uzbekistan creates favorable conditions for cryptocurrency exchanges and miners

The Uzbek government hopes to attract foreign cryptocurrency exchanges in the country by creating favourable conditions.

The decree of the President Shavkat Mirziyoyev on September 2, gives foreign cryptocurrency exchanges a number of advantages. The document States that the revenue associated with the cryptocurrency, not taxed, and licensed exchange that performs transactions with cryptocurrencies and Fiat foreign currencies are not governed by the provisions of the securities and exchange Commission.

However, foreign companies can get license only after the opening of a subsidiary in Uzbekistan.

In addition, the authorized capital of the exchange must be equal to or exceed 700 000 USD; servers must reside in Uzbekistan, the exchangers must comply with anti-money laundering and should retain data about transactions and users is at least 5 years.

Miners also receive a number of benefits: a document that obligates Federal and local officials to provide industrial miners that use more than 100 kWh of electricity, land plots without holding an auction (which is usually required for land acquisition) on the “specially designated areas”.

In February, the government of Uzbekistan has also expressed its intention to create a state innovation center to explore the possibilities of blockchain technology.

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