Uzbekistan allowed to open cryptocurrency exchanges only foreigners

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In the framework of the development of the digital economy in Uzbekistan has enacted a decree “On measures on organization of activities of cripture in the Republic of Uzbekistan”, which clarifies the regulatory process and licensing.

So, according to the document, the cryptocurrency exchange is any organization that provides “electronic marketplace for sharing, buying and selling digital assets.” Under the digital assets (scriptactive) is defined as “the set of records in the blockchain has value and the owner”.

“Operations associated with the turnover of scriptaction is not taxable, the activities of cryptocurrency exchanges will not be subject to legislation governing securities, and the sale of digital assets not subject to currency control regulations,” reads the resolution.

However, the license for implementation of activities cryptocurrency trading platform can get a “solely foreign legal entity through the establishment of subsidiaries or other businesses” in the country.

Another condition indicates the presence of the authorised capital in the amount of not less than 30 thousand minimum wages (about us $706 thousand) and collocation on the territory of Uzbekistan.

Representatives of the cryptocurrency platforms should provide trading rules in accordance with local legislation on combating money laundering and financing of terrorism, and to store information about cryptocurrency transactions of customers and their identification data, in correspondence with the user for a period of five years.

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