Uzbekistan will begin to introduce a blockchain and to develop the cryptomarket

Introduction of a blockchain in a state administration, cryptomarket development, a mining, smart contracts — the president has signed the resolution on measures for development of the digital economy. The president of Uzbekistan Shavkat Mirziyoev has signed on July 3 the resolution on measures for development of the digital economy. In the resolution the major tasks of development of digital economy are defined:

• introduction and development of activity in the field of turnover of crypto assets, including a mining (activities for maintenance of the distributive platform and creation of new blocks with an opportunity to earn reward in a format of new units and commission collecting in various cryptocurrencies), smart contracts (the contract in an electronic form. execution of the rights and duties for which is carried out by commission in an automatic order of digital transactions), consulting, issue, exchange, storage, distribution, management, insurance, crowdfunding (collective financing) and also blockchain technologies for diversification of various forms of investment and business activity;
• training of qualified personnel in the sphere of development and use of the blockchain technologies having practical skills of work with the use of modern ICT;
• all-round development of cooperation with the international and foreign organizations in a field of activity on crypto - to assets and blockchain technologies, the involvement of highly qualified foreign specialists in the field of development of blockchain technologies for joint implementation of projects in the digital economy;
• creation of a necessary legal base for the introduction of blockchain technologies taking into account the best practices of foreign countries;
• ensuring close interaction of public authorities and subjects of business in the sphere of the introduction of the innovative ideas, technologies, and developments for further development of the digital economy.

According to the document, the National Agency of Project Management (NAPM) at the president becomes authorized body in the sphere of introduction and development of the digital economy. The agency will define fields of activity in which the blockchain will take root. Besides, the drafts of normative legal acts providing development of digital economy and introduction of a blockchain are subject without fail to examination in NAPU.

The operations of legal entities and individuals connected with a turnover of crypto assets, including which are carried out by nonresidents aren't subjects to the taxation, and income gained on these operations doesn't join in taxable base on taxes and other obligatory payments.
The operations of legal entities and individuals connected with a turnover of crypto assets, including which are carried out by nonresidents aren't subjects to the taxation, and income gained on these operations doesn't join in taxable base on taxes and other obligatory payments.

Standards of the legislation on currency regulation won't extend to the currency transactions connected with a turnover of crypto assets, which are carried out by the persons having the corresponding license.

It is entrusted to NAPU and Ministry of development of IT and communications to develop and realize the Program for development of a blockchain in 2018 — 2020. It has to provide introduction and development of activity in the field of turnover of crypto assets, including a possibility of realization of crypto assets at the local and international crypto exchanges.

The blockchain, as expected, will be applied in clearing operations at an implementation of payments, trade financing and also crediting of projects.

Since October 1 activity in the field of turnover of crypto assets, including the creation of the crypto exchanges on trade in crypto assets, will be subject to licensing. The authorized body on licensing has established NAPU.