Tashkent, Uzbekistan (UzDaily.com) -- With the development of the digital economy, concepts such as “blockchain” and cryptocurrency are increasingly being introduced. This in turn requires legal regulation of the areas.

Today, the turnover of crypto assets is regulated by Decrees of the President of the country dated July 3, 2018 “On measures to develop the digital economy in the Republic of Uzbekistan” and September 2, 2018 “On measures to organize the activities of crypto exchanges in the Republic of Uzbekistan”.

At the next meeting of the Legislative Chamber of the Oliy Majlis, deputies considered a draft law providing for amendments to the legislation for the use of cryptocurrency.

It was noted that the draft law “On Amendments to Article 12 of the Law of the Republic of Uzbekistan “On Combating the Legalization of Proceeds from Crime, the Financing of Terrorism and the Financing of the Proliferation of Weapons of Mass Destruction ”was submitted to the lower house of parliament by the Prosecutor General on the basis of the right of legislative initiative.

In accordance with the Law “On Combating the Legalization of Proceeds of Crime, the Financing of Terrorism and the Financing of the Proliferation of Weapons of Mass Destruction”, the internal control rules for organizations engaged in operations with cash or other property are developed and approved by the relevant regulatory, licensing and registration authorities in conjunction with a specially authorized state body, and in the absence of such - specially authorized state body.

In turn, persons engaged in activities in the field of crypto-assets turnover are not included in the list of organizations engaged in operations with cash or other property defined by this document.

In this regard, the draft envisages to supplement the norm into the Law “On Combating the Legalization of Proceeds from Crime, the Financing of Terrorism and the Financing of the Proliferation of Weapons of Mass Destruction”, which includes the inclusion of persons engaged in activities in the field of the circulation of crypto assets, in the list of organizations conducting operations with cash or other property.

According to the deputies, the adoption of the draft law obliges persons engaged in activities in the field of the circulation of crypto assets in the republic to comply with the requirements of the law on countering the legalization of proceeds from crime, the financing of terrorism and the financing of the proliferation of weapons of mass destruction. It will also create a legal basis for the adoption and approval of internal control rules for individuals engaged in activities in the field of crypto assets circulation.

Members of factions of political parties expressed their views on the draft law.

After the vote, the bill was adopted by deputies.