President of Uzbekistan approves measures to develop the digital economy

Tashkent, Uzbekistan (UzDaily.com) -- President of Uzbekistan Shavkat Mirziyoyev signed a resolution “On Measures for Development of the Digital Economy in the Republic of Uzbekistan” on 3 July 2018.

Uzbek leader approved the tasks for further development of the digital economy. In particular, Uzbekistan will implement measures for introduction and development of activities in the area of the turnover of crypto-assets, including mining, smart contracts (contracts in electronic form, the performance of rights and obligations through automatic transactions of digital transactions), consulting, exchange, storage, distribution, management, insurance, crowd-funding (collective financing), as well as blockchain technologies for diversification of various forms of investment and entrepreneurial activity.

Training of qualified personnel in development and use of blockchain technologies with practical skills in using modern information and communication technologies is also one of the priorities of Uzbekistan.

Uzbekistan will also develop cooperation with international and foreign organizations in the field of crypto-assets and blockchain, attracting highly qualified foreign experts in the field of development of blockchain technologies for joint implementation of projects in the digital economy.

The country will also create the necessary legal framework for the introduction of blockchain technologies, taking into account the best practices of foreign countries.

According to the document, the National Project Management Agency under the President of the Republic of Uzbekistan is the authorized body in the field of introduction and development of the digital economy.

Specific areas of activity, in which blockchain technologies are introduced, are determined by the National Agency for Project Management under the President of the Republic of Uzbekistan on the proposals of interested ministries and departments.

Projects of normative legal acts providing for the development of the digital economy and the introduction of blockchain technologies are subject to compulsory examination by the National Project Management Agency under the President of the Republic of Uzbekistan;

The turnover of crypto-assets is regulated by special regulatory legal acts, the document said.

The operations of legal entities and individuals related to the turnover of crypto-active assets, including those carried out by non-residents, are not taxable, and the revenues received from these transactions are not included in the taxable base for taxes and other mandatory payments.

Foreign currency transactions related to the turnover of crypto-assets conducted by persons who have received a license for carrying out activities in the area of the circulation of crypto-assets in the established manner are not subject to the norms of the legislation on currency regulation.

The National Agency for Project Management and the Ministry for the Development of Information Technologies and Communications were ordered to develop and implement in 2018-2020 the Program for the Development of blockchain.

The program should envisage introduction and development of activities in the area of turnover of crypto-assets, including by creating a legal framework for organizing this activity, while providing for the possibility of implementing crypto assets on local and international crypto-exchanges.

Within the framework of the document, from 1 January 2021, it is planned to introduce blockchain technologies into the activities of state bodies, including interaction with other state bodies and other organizations, the implementation of state purchases, provision of public services, verification of personal data.

Blockchain will be used in the maintenance of state registers, classifiers and other databases, including updating and use of information included in them.

Blockchain will also be introduced into the corporate governance system of large commercial organizations with the state’s predominant participation in the statutory fund, including for improving business processes, optimizing production, administrative and operational processes, as well as introducing modern management and resource management.

This technology will be used in clearing operations, when making payments, trade financing (letter of credit), as well as project lending.

Starting from 1 October 2018, activities in the area of the turnover of crypto-assets, including the creation of crypto-banks for the trade in crypto-assets, are subject to licensing.

The authorized agency for licensing activities in the area of turnover of crypto-assets is the National Agency for Project Management.

The Uzbek head instructed Uzbekenergo and Uzbekhydroenergo to submit proposals to launch the pilot project on the basis of the elements of the digital economy and the activity on crypto assets (including mining) to the National Project Management Agency under the President of the Republic of Uzbekistan within a three-month period.

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