Cryptocurrency Exchanges and Trading Sees Legalization in Uzbekistan via Licensing

Uzbekistan Decides To Legalize Cryptocurrency Exchanges And Cryptocurrency Trading

Uzbekistan is now included in the list of countries that has legalized virtual currency trading activities. The country has introduced licensing for crypto exchanges and some requirements that they need to follow.

The president of the country, Shavkat Mirziyoyev, signed a decree that legalizes the activities of crypto exchanges. The information has been released by a local media outlet.

Back in July, an approved decree allowed the government to start regulating the market and crypto-related activities.

As per the decree Nº ПП-3926 organizations that provide electronic platforms for purchasing, selling or exchanging virtual currencies are recognized as cryptocurrency exchanges.

Additionally, the new decree explains that activities of cryptocurrency trading platforms and digital currencies would not be regulated by the current securities legislation.

In addition to it, the government will be monitoring illegal market activities in order to tackle criminal activities and terrorism financing. This will be conducted by the National Agency for Project Management under the President and other institutions.

It is also important to mention that private persons do not have to declare taxes. The revenue they receive as a result will not be included in the base income that has been used to calculate taxes.

There are also other requirements that companies will have to follow it they want to operate. Exchanges will have to publish exchange rates that are based on the ration between supply and demand. Moreover, they will have to store the information about transactions, users and more for over five years.

About mining activities, the energy companies owned by the state will allocate land plots for mining operations that would use over 100 KW/h of electricity.

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