Uzbekistan expands its crypto regulations with new decree signed by President Mirziyoyev.
The document provides definitions for terms like crypto assets, exchange, and mining, and determines the main regulatory body for the industry.Uzbekistan’s head of state, Shavkat Mirziyoyev, has signed a newexpanding the regulatory framework for the Central Asian nation’s crypto space. Its stated goal is to further develop digital technologies, create favorable conditions for entrepreneurship and improve the legislation in this sphere.
The National Agency for Project Management under the president has been transformed into National Agency for Perspective Projects, Forklog reported, quoting the document. TheThe regulatory body has been tasked to implement the state policy in the crypto economy and ensure investors’ rights are protected. It will also take charge of introducing blockchain technologies to the public sector and combatting money laundering, terrorist financing and weapons proliferation through cryptocurrencies.
The decree defines crypto assets as property rights representing a collection of digital records in a distributed ledger that have value and owner. Starting from Jan. 1, 2023, Uzbekistan’s citizens and companies will be allowed to buy, sell and exchange cryptocurrencies through crypto service providers.
The President’s order lists a number of entities that fall under this category, including digital asset exchanges, mining pools, crypto depositories, and crypto stores. They will be required to register as local businesses and obtain licenses or mining certificates from the government agency.
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