Page 16 - bne_Tech_07_2018

Blockchain & Cryptocurrency
July 2018 www.intellinews.com I Page 16
Uzbekistan signs decree on cryptocurrency, blockchain
Uzbek President Shavkat Mirziyoyev has signed
a new decree aimed at encouraging development and integration of cryptocurrency and blockchain technology in Uzbekistan, the news website CoinFrenzy.io reported.
The new regulations come as the Uzbek govern- ment has noted that transactions involving crypto- assets are currently not taxable in the country for both residents and non-residents. In other words, the state budget is losing out on revenues gener- ated from such transactions.
The decree includes the development of a legal
framework to recognise and legalise the crypto and blockchain sector by outlining a “highly favourable” tax position for the crypto sector.
Other guidelines in the new decree hope to create “the required framework” for introducing blockchain technology into Uzbekistan, training qualified personnel for developing blockchain technology use in the public sector and coordinating with international authorities and organisations involved in the blockchain sector. Finally, it hopes to develop issuance, distribution, insurance, mining and crowdfunding activities.
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