The president of Uzbekistan, Shavkat Mirziyoyev recently issued orders pioneering the establishment of a blockchain development fund in the country. The “Digital Trust” is planning to integrate various projects from the government including education, healthcare, and cultural areas on blockchain platform.
Funded by the National Agency of Project Management and loans and grants from international institutions, the Trust will attract international investment to give a boost to the digital economy of the country.
Incidentally, the country is keen to welcome major cryptocurrency exchanges across the globe to start their set up in Uzbekistan. An order issued by the country’s president recently is aimed at luring the foreign virtual currency exchanges by offering multiple benefits to start operations in Uzbek.
As per the document, the country will not tax the income earned through cryptocurrency. Moreover, it will not be mandatory for the licensed digital currency exchanges running fiat currency and cryptocurrency operations to follow the foreign currency regulations. Also, these exchanges will be excluded from the securities and exchanges regulations of Uzbekistan.
Apart from establishing blockchain fund, Mirziyoyev with the view to take his intention of supporting crypto and blockchain-based industries forward also gave approval to several legislative initiatives. The government is planning to make blockchain-based technology an integral part of various public related work areas.
As per the new legislation, virtual currency exchanges must follow the anti-money laundering and counterterrorism laws. However, they will not be paying taxes on trading revenues as crypto traders do not fall under the regulations of the Uzbek stock market.
According to Cointelegraph, in July this year, the president signed an order with the aim to introduce measures for digital economics development. Formation of blockchain development fund is a part of this overall planning.
As per the order, the integration program must be launched by 2020. Along with crypto traders, the new order implementation will also benefit miners, says Coindesk. The order makes it compulsory for the local as well as the federal government officials to provide land to industrial miners using power beyond 100 kWh.
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