Uzbekistan Creates Cryptocurrency Tax Free Zone, Licenses First Crypto Exchange in Partnership with Korean Firms

Uzbekistan is taking comprehensive steps, with the help of Korean partners, to enshrine the region as a friendly one for crypto industries and hopes to become, “a new coin special zone after Malta,” ETNews reports.

The venture is being led cooperatively by KOBEA, the Economic Committee of Korea and Uzbekistan and the venture’s two flagship projects will be, “a cryptographic exchange and…a (large scale) fund to support digital economic development.”

ETNews claims that Uzbek President Škot Myržyjev has been proactive in leading, “Uzbekistan’s digital economic development…(and) introduc(ing) cryptographic money into regulatory power and eliminat(ing) regulatory uncertainty in the global regulatory environment.”

Once the exchange is established, “the fund will move to promote cooperation and investment in the field of block chains…foster local experts in technical fields and attracts overseas talent…to (lay) a foundation for leaping into a regional currency hub.”

The fund will also be administered through a project management committee (NAPM) with final say coming from the president, and will seek:

  1. “Legalization of ICOs in Uzbekistan”
  2. “Construction of a mining complex and large-scale block chain R & D complex in Uzbekistan”
  3. “Establishment of a password monetary bank in Uzbekistan Government”
  4.  “Establishment of a block chain base in Uzbekistan National University”
  5.  “Technology development and development in the field of passwords, mining, smart contracts and block chains.”
  6. “Development of block chains and IT professionals.”
  7. “Establishment of a legal basis for the introduction of block chain technology based on overseas advanced cases”
  8. “(Establishment) of secure close cooperation between national institutions and economic players in the field of innovation ideas and technology development”

Uzbekistan will also host an “International Block Chain Forum” in the Uzbek capital, Tashkent.

Importantly, “the Uzbek cryptographic exchange is expected to be exempt from taxation on corporate and investor profits, including non-residents.”

Cryptocurrency activity also does not violate any, “existing law(s) on currency regulation,” in Uzbekistan, ETNews writes, meaning, “The region has a considerable regulatory freedom to enter the domestic and foreign cryptographic money market.”

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