Uzbekistan Creates Good Conditions For Crypto Development With Tax Free

Uzbekistan has unveiled ambitious plans to establish a regulatory framework for cryptocurrency miners, mining pools, and token issuance, marking a significant step in shaping the country’s digital asset landscape. Five specialized legal acts are set to cover various aspects, from licensing cryptoasset exchanges to participant registration within special regulatory regimes. Driving these initiatives is the National Agency for Perspective Projects (NAPP), which has been designated as the regulatory authority for this sector.

The NAPP team comprises 45 professionals, spanning IT experts, legal advisors, international anti-money laundering specialists, and individuals well-versed in the technical underpinnings of crypto assets. Pak highlighted several upcoming legal endeavors, including the incorporation of mining within licensing procedures, revising mining conditions to include alternative energy sources, and introducing administrative and criminal penalties for unauthorized cryptoasset transactions. In a pioneering move, Uzbekistan exempts crypto asset operations from taxation, with the generated income falling outside the taxable domain. The collected fees, reaching over 6 billion sums (approximately $494,000), contribute to the state budget while supporting NAPP’s operational capabilities.