Licensing of the crypto-active market is introduced in Uzbekistan

In Uzbekistan, an order is introduced from October 1, according to which activity in the area of ​​the circulation of crypto-active assets is subject to licensing.

The activities in the crypto-active market in Uzbekistan will be licensed from October 1, and the technology of the blockchain has been introduced from 2021 into the activities of state bodies, the corresponding decree of the president of the republic Shavkat Mirziyoyev was published in local mass media.

“Introduce from October 1, 2018, the order in which activities in the area of crypto-active assets ​​turnover, including the creation of crypto-exchanges for trading crypto-active, is subject to licensing,” the text of the document says.

In accordance with the resolution, the authorized agency for licensing activities in the area of ​​crypto-active assets turnover is the National Project Management Agency (NAPU) under the President of Uzbekistan.

Mirziyoyev instructed the relevant departments and ministries to develop and implement in 2018-2020 a program for the development of blockchain technologies. In particular, the program provides legal bases for the creation and implementation crypto-active assets on local and international crypto-exchanges.

The resolution also provides for the use of the blockchain technology in the activities of state bodies and clearing operations.

Mirziyoyev in February instructed by July of this year to create a center for blockchain technology based on the Mirzo Ulugbek Innovation Center in Tashkent. And the relevant ministries and departments were instructed by September 1 to prepare a bill that provides the legal regulation of electronic money.

According to the International Business Times rating published in January, Uzbekistan entered the top three in terms of the effectiveness of crypto-currencies mining : the cost of one bitcoin mining here is 1,790 thousand dollars. Leadership on this list is Venezuela (531 dollars), followed by Trinidad and Tobago (1,190 thousand dollars).

moneyAccording to some experts, the technology allows to seriously optimize the costs of business and the state. In particular, it helps to make payments online, promptly confirm the relevance of customer or transaction data, register transactions and maintain their registry. Source:

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