First and foremost, Eid Mubarak.
The regulatory agency has been responsible for implementing state policy in the crypto economy and protecting investors' rights. Bringing blockchain technologies into the public sector and using cryptocurrencies to combat money laundering, terrorist financing, and weapon hoarding.
Crypto assets are defined in the decree as property rights that constitute a collection of digital records in a distributed ledger that have value and have an owner. Citizens and businesses in Uzbekistan will be able to purchase, sell, and trade cryptocurrencies through crypto service providers beginning January 1, 2023.
According to the President's decree, this category includes digital asset exchanges, mining pools, crypto depositories, and crypto retailers. They will be required to register as local business and get government permits or mining certificates.
In Uzbekistan, only registered companies will be able to mine cryptocurrency. During peak use hours, mining farms will pay a higher electricity cost. Illegal mining will be outlawed. The regulation prohibits the creation of "anonymous cryptocurrencies" as well as any transactions involving them.
Uzbeks, as before, will be unable to use or accept cryptocurrencies as a form of payment for products and services within the country. However, according to the agreement dated April 27, 2022, crypto-related transactions of individuals and corporations would not be taxed.
Participants in a new regulatory sandbox established by the NAPP to pilot crypto projects will also be eligible for tax benefits.
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