President of Uzbekistan signs law on cryptocurrencies: from 2023, sales only through licensed exchanges

The government of Uzbekistan has begun expanding its crypto regulation with a decree signed by President Shavkat Mirziyoyev. The document contains definitions of terms such as crypto assets, exchange, and mining, and identifies the main regulatory body for the industry.

Thus, Uzbekistan has an agency that regulates crypto policy. It was created by reorganizing the National Agency for Project Management into the National Agency for Promising Projects. The main task of the new agency is to develop and implement a policy in the field of crypto assets turnover.

From the beginning of 2023, citizens and legal entities of Uzbekistan will be able to carry out transactions of purchase and sale or exchange of cryptocurrencies only through legalized service providers (exchanges, mining pools, etc.). Miners will also have to register and obtain a certificate.

A special regulatory regime in the area of cryptocurrency turnover is introduced for legal entities that implement cryptocurrency technologies. Participants of the special regime are exempt from all taxes and mandatory contributions to state funds, duties (except for customs duties) for the import of devices, technical documentation and software for their needs. Employees of companies in the cryptoasset sector that will be subject to the special regime will pay personal income tax at a rate of 7.5% (instead of 12%).