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Uzbekistan follows the path of Malta

06 July 2018 11:31, UTC

On July 3, president of Uzbekistan Shavkat Mirziyoyev signed a decree, aimed at the establishing the legal framework for the digital economy which includes blockchain technology cryptocurrency mining and trading, crowdfunding, etc.

The decree is called “On measures for digital economics development in the Republic of Uzbekistan’. This document is a great milestone in the development of digital economy of the country. The main point is that the cryptotrading is in a good tax position and that all investors and traders will benefit from that. It concerns both companies and individual investors. The transactions of currencies don’t get under the currency regulation either.

The news was highly praised by the crypto community of the country. Thus, most of them are waiting for the inflow of the capital and the establishment of new projects. Arutyun Nazaryan, founder of Morningstar Solutions LLC in Tashkent, the capital of Uzbekistan, notes that this initiative is a huge breakthrough in the industrial development.

“Definitely, the legal framework of Uzbekistan in the sphere of the digital economy is one of the most loyal and relevant in the world for today,” — claims Arutyun Nazaryan and adds that the President understands the significance of digital economy. The perspective is very positive in the opinion of Mr. Nazaryan: “We follow the path of Malta, Singapore, and England. England’s loyalty to cryptosphere made the inflow of more than $ 7 bln. We wait for the same results.”

The inflow is also awaited by some blockchain project founders. Dmitry Tarasov is the founder of Bitsum.Money and he’s keen on the decree, saying that “there’s a hope that everything will be implemented as it is promised. The inflow of the capital and projects is good, as far as I know, the talks with South Korean partners are in process. Still, I’ve got questions about the licensing.”

The development of new laws will be in close contact with the state and private sector. “We’re a small country, and everyone knows each other when it’s about blockchain. This is a plus. We are interested in self-regulation and don’t want any frauds or scams here, like it was in Vietnam, for example. The countries which suffered from fraudulent projects made it strict. We’re interested in cooperating with the state and monitor the markets,” — Arutyun Nazaryan summarized the facts on cooperation.

In the end, the decree will encourage the integration and development of cryptocurrency and blockchain technology in the country. It will be done in cooperation with international organizations and authorities. Training qualified personnel to develop the use of blockchain technology in the public sector, the implementation of blockchain in government services, the processing and crowdfunding and much more is just a matter of time.