Uzbekistan wants to attract major crypto currency exchange


Uzbekistan wants to attract major crypto currency exchange

The President of Uzbekistan Shavkat Mirziyoev, signed a decree on the legalization of branches of foreign cryptocurrency exchanges and the allocation of land for mining companies.

The document provides for the licensing of trading platforms and a number of requirements for the organization of activities in the country. The companies will be governed by separate regulations and laws that are different from existing traditional markets and assets. The control of kriptonyte will the National Agency for project administration under the President and other government agencies.

A feature is that a license can only get a foreign company. The transactions with bitcoin are taxed and the income received is not included in the gross amount. To get started, the share capital of the company shall exceed 30 thousand minimum wages ($23,5) and the amount in excess of 20 thousand minimum wages, shall be reserved in the account at one of the local banks. You will also need to create an electronic system using Uzbek servers.

The crypto currency exchange will be able to determine the level of fees and to conduct any legal operations with digital assets. Trading can not only foreigners but also locals. Additionally, the resolution provides that the Uzbek energy company, together with the National Agency of project management will be to allocate land for the organization of mining companies that consume more than 100 kW per hour without competitive bidding.

In Russia the status of cryptocurrencies and related activities has not yet been determined, but before March 2019 she needs to enter the FATF standards on combating money laundering in this area in their legislation.

Leave A Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.