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    Uzbekistan

    Uzbekistan's regulatory landscape for crypto assets: comprehensive overview

    Uzbekistan's regulatory landscape for crypto assets: comprehensive overview

    In recent years, Uzbekistan has emerged as a pioneer in embracing and regulating the crypto industry within its borders. With an aim to foster innovation while ensuring consumer protection and financial integrity, the country has implemented a robust regulatory framework governing various aspects of crypto activities. From licensing requirements for Crypto Asset Service Providers (CASPs) to classifications of crypto assets and marketing guidelines, Uzbekistan's regulatory landscape provides a detailed blueprint for operating within its crypto ecosystem, Sherzod Abdulkasimov writes in his article 'CRYPTO GUIDE UZBEKISTAN 2024.'

    Photo: Crypto assets are officially recognized and regulated in Uzbekistan, although they are not considered legal tender. Since January 1, 2023
    Source: LinkedIn

    Legal Recognition and Regulation

    Crypto assets are officially recognized and regulated in Uzbekistan, although they are not considered legal tender. Since January 1, 2023, residents have been permitted to engage in crypto transactions exclusively through domestic CASPs. These CASPs, divided into four categories – crypto exchanges, crypto stores, crypto depositories, and mining pools – must be legally registered in Uzbekistan and hold the necessary licenses to operate.

    Monetization and Taxation

    All crypto transactions conducted by individuals or legal entities, including non-residents, are exempt from taxation in Uzbekistan. This exemption extends to the income generated from these operations, which is not considered part of the taxable base for taxation purposes. This tax-friendly environment incentivizes participation in the crypto market and promotes innovation within the sector.

    Primary Regulator and Approach Towards Foreign CASPs

    The National Agency of Perspective Projects (NAPP), reporting directly to the President of Uzbekistan, serves as the primary regulator for the crypto market. NAPP is responsible for licensing CASPs, introducing new rules and regulations, and ensuring compliance within the sector. While Uzbekistan welcomes collaboration with foreign CASPs, stringent regulations govern their operations. Foreign CASPs serving Uzbekistan residents must establish a local legal entity, obtain the necessary licenses, and comply with local laws to mitigate legal consequences.

    Types of Crypto Activities and CASPs

    Uzbekistan's legal framework distinguishes between two primary types of crypto activities: mining and CASPs. Mining operations are allowed for legal entities utilizing electricity generated by solar photovoltaic stations, with registration required with NAPP. CASPs encompass four categories, each requiring licensing: crypto exchanges, crypto stores, crypto depositories, and mining pools. Detailed guidelines for CASP licensing are available on NAPP's website.

    Key Players and Market Entry Standards

    Several key players operate within Uzbekistan's crypto industry, including UzNEX, Coinpay, Lockton Hub, and Paynet Crypto. These entities offer a range of services, from crypto exchanges to crypto depositories, contributing to the development of the local ecosystem. NAPP aims to elevate market entry standards and prioritize reputable CASPs over smaller players, fostering a competitive yet stable environment for crypto businesses.

    Classifications of Crypto Assets and Marketing Guidelines

    Uzbekistan's legislation defines various classifications of crypto assets, including secured and unsecured tokens, each subject to specific regulations. Additionally, marketing guidelines mandate comprehensive warnings about the risks associated with crypto assets and prohibit misleading advertisements. CASPs must adhere to strict anti-money laundering protocols, ensuring customer identification and reporting suspicious transactions to authorities.

    Earlier Daryo reported that NAPP has entered into a collaboration with Tether, a prominent player in the digital finance sector. This partnership, formalized via a Memorandum of Understanding, seeks to advance the growth of crypto-assets and blockchain infrastructure in Uzbekistan, with a focus on promoting innovation.

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    03.04.2024, 11:24   Comments (0)   6327
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