Uzbekistan’s Crypto Revolution – Adoption of Special Crypto Framework

Shavkat Mirziyoyev, President of the Republic of Uzbekistan, has issued another decree to control the country’s crypto industry. On April 27, the Uzbekistan president issued a new decree. This decree altered how the National Agency for Project Management (NAPM) operates. Previously, the Uzbek government advocated for the legalization of all forms of crypto trading for its citizens. The National Agency for Prospective Projects (NAPP) of Uzbekistan will take over the NAPM’s duties. The agency will then become the country’s contact for all things related to crypto regulation. This is done to create a “crypto regulation regime” for the country. Cryptocurrency policy must be consistent across the state. In addition, the agency in charge must prevent illegal activities such as terrorist funding. In addition, the NAPP will promote projects that use blockchain and other cutting-edge technologies in government and other socio-economic sectors. The NAPP has the authority to regulate virtual asset providers such as crypto trading and mining firms that use crypto and blockchain technology. According to the decree, virtual asset service providers must pay state fees to obtain a license and be monitored by the agency. Taxes There are mandatory deductions for all types of taxes and state trust funds for those who are part of a special regime. This also applies to customs payments for imports not made in the Republic of Uzbekistan. According ...