The President of Uzbekistan issued a decree on the regulation of the cryptocurrency market, as well as the introduction of a fixed personal income tax rate for industry participants and mandatory contributions to state trust funds.
Decree of the President of Uzbekistan Shavkat Mirziyoyev prescribed reorganize the National Agency for Project Management (NAPU), operating under the auspices of the President of the Republic, into a new structure – the National Agency for Advanced Projects (NAPP). NAPP will be responsible for a wide range of projects related to the introduction of a “special cryptocurrency regulation regime” in Uzbekistan.
By order of the head of state, the agency will develop a unified state policy regarding cryptocurrency. The area of responsibility of the NAPP will include areas of investor protection and measures to combat illegal activities, such as the financing of terrorism. The agency will initiate and promote public administration and socio-economic projects in which the use of blockchain is planned.
The NAPP has been granted the right to establish legislative conditions for organizations using cryptography and blockchain technologies, as well as for providers of virtual assets, including companies that trade and mine cryptocurrencies. The agency will be responsible for licensing virtual asset service providers, as well as financial oversight of the timely payment of government duties and taxes by participants in the cryptocurrency industry.
“Participants of the special regime are required to pay mandatory contributions to all types of taxes and to state trust funds, as well as customs payments for equipment, technological documentation, software imported for their own needs, not produced in the Republic of Uzbekistan,” the presidential decree says.
According to the adopted document, income from the wages of participants in the “special regime for regulating cryptocurrencies” is subject to personal income tax at a fixed rate of 7.5%.
Earlier, the National Agency for Project Management under the President of the Republic of Uzbekistan (NAPM) posted a notice about unregistered cryptocurrency exchanges and exchangers in the country.