RESOLUTION OF THE PRESIDENT OF THE REPUBLIC OF UZBEKISTAN

of July 3, 2018 No. PP-3832

About measures for development of digital economy and the sphere of turnover crypto - assets in the Republic of Uzbekistan

The state takes large-scale measures for development of the digital sector of economy, electronic document management systems take root, electronic payments develop and the regulatory framework in the sphere of electronic commerce is enhanced.

The digital economy functioning on information technological frameworks develops with intensive speed that causes need of creation of new models of such platforms.

The technology of the distributed register of data, "artificial intelligence", use of opportunities of supercomputers, and also activities for crypto - to assets are one of the directions of development of digital economy in many countries of the world. The technology of the distributed register of data gradually takes root not only into many sectors of economy, but also into system of public administration and other public relations.

For the purpose of further enhancement of system of public administration, creation of conditions for implementation and development of digital economy, improvement of the investment circle, and also strategy implementation of actions in five priority directions of development of the Republic of Uzbekistan in 2017 - 2021:

1. Consider the major tasks on further enhancement of the sphere of turnover crypto - assets:

implementation and development of activities in the sphere of turnover crypto - assets, including mining (activities for maintenance of distribution platform and creation of new blocks with opportunity to earn reward in format of new units and sales charges in various crypto - assets), smart contracts (the agreement electronically, execution of the rights and on which obligations it is performed by making in automatic procedure for digital transactions), consulting, issue, exchange, storage, distribution, management, insurance, and also technologies of the distributed register of data for diversification of various forms of investing and business activity:

training of qualified personnel in the sphere of development and use of technology of the distributed register of the data having practical skills of work with use of modern information and communication technologies;

all-round development of cooperation with the international and foreign organizations in field of activity on crypto - to assets and technology of the distributed register of data, involvement of highly qualified foreign specialists in the field of development of technology of the distributed register of data for joint projects implementation in digital economy;

creation of the necessary legal base for implementation of technology of the distributed register of the foreign countries this taking into account the best practices;

ensuring close interaction of state bodies and subjects of entrepreneurship in the sphere of implementation of the innovative ideas, technologies and developments for further development of digital economy.

2. Determine that:

specific fields of activity in which technologies of the distributed register of data take root are determined by the National agency of perspective projects of the Republic of Uzbekistan (further - the Agency) by offers of the interested ministries and departments;

drafts of the regulatory legal acts and specifications providing development of the sphere of turnover crypto - assets and implementation of technology of the distributed register of data, are subject without fail to examination in the Agency;

turnover crypto - assets is regulated by special regulatory legal acts;

the transactions of legal entities and physical persons connected with turnover crypto - assets, including performed by nonresidents, are not the taxation objects, and income gained on these transactions does not join in taxable basis on taxes and other obligatory payments;

on the currency transactions connected with turnover crypto - assets, carried out by persons who obtained in accordance with the established procedure license for activities in the sphere of turnover crypto - assets, regulations of the legislation on currency control do not extend.

3. Determine that:

a) crypto - asset is the property right which is representing set of digital entries in the distributed register of data, having value and the owner;

b) types of activity in the sphere of turnover crypto - assets are:

mining;

activities of providers of services in the sphere of turnover crypto - assets (further - provider of services);

c) mining are activities for maintenance of the distributed register of data, creation and confirmation of integrity of blocks by carrying out computing transactions.

The Mining is performed by exclusively legal entity with electricity use, the made solar photo-electric station.

In case of electricity use with connection to single electric utility system:

the payment for the consumed electric power is performed using the raising coefficient in the amount of 2 to the established rate;

for electric power consumption during peak period the allowances established by the Cabinet of Ministers are applied to the corresponding rates;

account of the consumed electric power is kept with installation of the separate metering device.

The Mining is subject to obligatory registration by the Agency and is not the licensed type of activity.

Persons performing mining (mayner) shall be registered according to the procedure, established by acts of the legislation.

Registration of mayner is performed exclusively electronically by means of the Internet.

Maynera has the right to perform the activities only to the address specified in case of registration with respect for fire safety and sanitary standards and rules;

d) providers of services render services for physical persons or legal entities, including from their person, on purchase, sale and (or) exchange, storage, release, placement and management crypto - assets.

Exclusively legal entities - residents of the Republic of Uzbekistan can be providers of services.

Types of providers of services:

crypto - the exchange - the organization providing electronic platform for purchase, sale and (or) exchange crypto - assets;

mining-pool - the organization providing electronic platform for consolidation of computing capacities for ensuring process of mining;

crypto - depositary - the organization providing electronic platform and (or) set technical and software on rendering services in release crypto - assets, to implementation of their primary placement and storage;

crypto - shop - the organization providing electronic platform and (or) set technical and software on rendering services in purchase and (or) sale crypto - assets;

other types of providers of services determined by decisions of the Agency;

e) since January 1, 2023 citizens and legal entities of the Republic of Uzbekistan can perform transactions on purchase, sale and (or) exchange crypto - assets only through national providers of services according to the procedure, established by acts of the legislation;

e) The agency establishes procedure:

licensing and passing of allowing procedures in the sphere of turnover crypto - assets;

release, registration of release and the address crypto - assets residents of the Republic of Uzbekistan;

g) the sizes and payment procedure of the state fee for licensing for implementation of activities in the sphere of turnover crypto - assets are determined by the Agency;

Disclaimer! This text was translated by AI translator and is not a valid juridical document. No warranty. No claim. More info