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President of Uzbekistan signed the Blockchain Integration Decree - Tax Exclusion for Crypto~The president of Uzbekistan just signed a Decree about development and integration of Blockchain technology, digital assets, and crypto mining. Its aims are modernizing the current management system of the government and acting as the driving force for the growth of digital economic in domestic. The decree On measures for digital economics development in the Republic of Uzbekistan was signed officially by Shavkat Mirziyoyev on July 4th.
~The Decree will be the legal basis for a digital economic in Uzbekistan. According to the legal document, the Ministry of Development of Information Technology and Communication will be the one to create and implement a program that boosted the growth of Blockchain in the country from 2018-2020. The department will be monitored and managed by the Government Office.
~Starting from January 1st, 2021, Blockchain as reported will be integrated into the operation of government agencies, particularly in verifying and identifying data in corporate management, as well as clearing transactions. Every individual wanted to participate in trading cryptocurrency need a special license.
~What mentioned in the Decree can be understood as a limited tax regime for crypto assets: The turnover of crypto assets is regulated by special regulatory legal acts. Operations related to this turnover are not subject to be taxed, while the revenues received are not included in the tax base.
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