Uzbek President Signs Decree on Blockchain and Crypto Assets

Uzbek President signs decree on Blockchain and crypto assets, which is entitled “On measures for digital economics development in the Republic of Uzbekistan.” The decree is expected to modernize the state’s administration system.

5 July, AtoZ Markets – The President of Uzbekistan has inked a decree that aims to promote development and integration of Blockchain technology and cryptocurrencies in the country. The key goal behind the project is the modernization of the state’s administration system. The authorities also look into improving the digital economies in the country. 

Uzbek President Signs Decree on Blockchain and Crypto Assets

Uzbek President Shavkat Mirziyoyev has signed a decree on “On measures for digital economics development in the Republic of Uzbekistan” on July 3. The decree mentions artificial intelligence, Blockchain, supercomputers, and cryptocurrencies as the key areas that need development. Moreover, the document calls for the formation of conditions for introductions of “digital economics” in Uzbekistan. 

As per the decree, the Government Office for Project Management and Ministry for Development of Information Technologies and Communications will be responsible for developing and implementing a program on Blockchain in the period from 2018 to 2020. 

Starting from the beginning of 2012, Uzbekistan plans to integrate the Blockchain into the operation of the governmental agencies. The officials are planning to use the technology to verify the identifying information in the corporate management system and in clearing transactions. 

Uzbek “Blockchain skill center”

Reportedly, the entities that intend to do business in the cryptocurrency market, will need to obtain the specific licenses. Moreover, the signed decree outlines a limited tax regime for cryptocurrencies:

“The turnover of crypto assets is regulated by special regulatory legal acts. Operations related to this turnover are not subject to be taxed, while the revenues received are not included to the tax base.”

Earlier this February, Uzbekistan has announced that it plans to regulate Blockchain and cryptocurrency as early as September 2018. Its “Blockchain skill center” is expected to be launched already this month. The center will “[formulate] conditions for the use of blockchain’s potential, increasing professional ability and supporting native developers in its uptake.”

Another Central Asian Country, Kyrgyzstan, has also shared its plans to digitize patent records earlier this year. The country planned to form a Blockchain-based database for the State Patent Office of Kyrgyzstan (KyrgyzPatent). In order to develop the project, the country has collaborated with the Russian National Intellectual Property Transactions Coordination Center (IPChain).

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