The President of Uzbekistan, Shavkat Mirziyoyev, recently signed a decree that enables the existence of cryptocurrency exchanges besides other activity regarding the industry, as outlined by local media. The decree details regulations each exchange are required to follow, alongside a summary of requirements to build a platform in the area, as reported by Bitcoin.com.

Long Time Coming

This news comes shortly after another decree signed back July, which set the foundation for cryptocurrency legalization in Uzbekistan.

The document, -3926, states that crypto activity probably will not be regulated by current legislation surrounding securities and that it will instead be regulated by specific acts place into place for digital assets. Here, cryptocurrencies are thought as blockchain records that provides value which has ownership over. Only entities that provides a platform for any trading of crypto assets could be recognized as an exchange, as per the document.

An exchange license are going to be granted to foreign enterprises if they’ve got some sort of establishment in Uzbekistan already. Any and all monitoring practices will be performed by the National Agency for Project management software under the President, alongside other government joints. Surely, these processes will prevent criminal and terrorist activity via digital assets.

Finally, the decree asserts that any party operating a crypto exchange would be exempt from taxation for activity within the platform.

Regulations Abound

Going more in-depth on your regulation requirements, the document states that the possible exchange need to have authorized capital of about at least 30,000 minimum wages before applying. The enterprise ought to have 20,000 property value minimum wages at a separate account managed by an Uzbekistan bank. However, the decree doesn’t declare whether this is certainly monthly or daily salaries.

Applicants must have already built authorized trading servers within Uzbekistan, as well as agreeing to store user data for as long as five years. Exchanges may be eligible to receive remuneration via their providers while retaining domination over fees.

The document touches on the subject of cryptocurrency mining too. Two firms, Uzbekenergo and Uzbekgidroenergo, are assumed for being setting up land to construct mining locations. Ideally, designs would be made underneath the Nationwide Venture Administration Company with oversight belonging to the President.