On measures to organize the activity of crypto exchanges in the Republic of Uzbekistan (RP-3926-son)

02.09.2018

Resolution

Of The President Of the Republic Of Uzbekistan

For the purposes of creating of favorable conditions for the development of the digital economy and the organization of the activities of crypto-exchanges, as well as in accordance with the Resolution of the President of the Republic of Uzbekistan dated July 3, 2018, No. RP-3832 «On measures to develop the digital economy and the sphere of crypto-assets turnover in the Republic of Uzbekistan»:

1. Taking into consideration note that in accordance with the Resolution of the President of the Republic of Uzbekistan dated July 3, 2018, No. RP-3832 «On measures to develop the digital economy and the sphere of crypto-assets turnover in the Republic of Uzbekistan»:

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

operations of legal entities and individuals related to the turnover of crypto-assets, including those carried out by non-residents, are not subject to taxation, and the income received from these operations is not included in the taxable base for taxes and other obligatory payments;

foreign exchange transactions related to the turnover of crypto-assets, carried out by persons who have received in accordance with the established procedure a license to carry out activities in the sphere of crypto-assets turnover, are not subject to the norms of legislation on currency regulation;

a crypto-exchange shall mean an organization that provides an electronic platform for the purchase, sale and (or) exchange of crypto-assets;

licensing requirements and conditions for the implementation of the activities of crypto exchanges have been established.

2. It shall be established that the activities on crypto-assets turnover and crypto-exchanges shall not be regulated by the legislation on securities, exchanges, and exchange activities.

4. It is granted crypto-exchanges the right to:

receive remuneration for the services rendered, including in crypto-assets, and establish the amounts and the procedures for collecting such remuneration from bidders (clients);

organize exchange transactions with residents and non-residents of the Republic of Uzbekistan aimed at the acquisition and (or) alienation of crypto-assets for national and foreign currency, as well as the exchange of crypto-assets for other crypto-assets.

6. The National Agency of Perspective Projects of the Republic of Uzbekistan shall within a month:

approve in the prescribed manner and put into effect the Regulations on the procedure for licensing the activities of crypto-exchanges;

together with the Ministry of Justice of the Republic of Uzbekistan, submit, in the prescribed manner, proposals for amendments and additions to the legislation arising from the present resolution.

7. The responsibility to execute control over the implementation of the present resolution shall be assigned to the head of the Administration of the President of the Republic of Uzbekistan Z.Sh. Nizomiddinov, Director of the National Agency of Perspective Projects of the Republic of Uzbekistan D.R. Lee and Head of the Department of Legal Expertise and Comprehensive Analysis of the Administration of the President of the Republic of Uzbekistan B.M. Mavlonov.

President of the Republic of Uzbekistan SH. MIRZIYOYEV

Tashkent city,

September 2, 2018

No. RP-3926