Uzbekistan government welcomes the opening of stores in the country of cryptocurrency trading.

President of Uzbekistan Shavkat Mirziyoev May 2, said, will provide many benefits in the country’s foreign exchange operations. The document states that income related to cryptocurrencies is not taxed and that licensed exchanges operating in cryptocurrency and foreign legal tender are not subject to current foreign exchange regulations, and crypto exchanges are not subject to the laws of the country’s securities and exchanges.

However, a foreign entity can obtain a cryptocurrency exchange license after opening a subsidiary in Uzbekistan.

In addition, the terms of such permission may be restrictive: the exchange authorized capital shall not be less than the average minimum wage of 30,000 times, about 700,000 US dollars; server must be located in Uzbekistan; exchange must use anti-money laundering program for users, they User transactions and personal data must be stored for at least five years.

Miners also have the advantage: the document orders central and local government officials to provide more than100 kWh of land electricity to cryptocurrency miners without the need to purchase land in “ specially designated areas”.

The move was issued months after the government announced the goal of enacting new regulations for the country’s cryptocurrency. According to news agency reports , this year months, the government has also announced its intention to establish a state-funded Innovation Center to explore the opportunity to use the state capital Tashkent blockchain.

[su_quote]This article is writing on 07 Sept 2018 based on information available online & news portal. If you feel it’s outdated or incorrect, please write here to update it. Mail us: [email protected] Or Whatsapp Us- +13098896258[/su_quote]