Vyacheslav Pak, the First Deputy Director of the National Agency for Perspective Projects (NAPP), offered exclusive insight in an interview. According to him, five special legal acts are going to be carried out, covering various topics – from exchanging license granting to participants’ registration – all under NAPP’s supervision. This regulatory force consists of 45 people specialised in IT, law, international tracking of finance flow, and crypto asset background.
Pak shed light on several initiatives designed to bring more regulation, such as bringing mining activity to the licensing game, regulating the sources providing energy for mining, introducing fines for unauthorized cryptoasset transactions, also exemptions regarding taxation.
Uzbekistan is one of few countries constantly nourishing a friendly atmosphere surrounding digital assets. Alongside showing off projects related to cryptocurrency, such as Non-Fungible Tokens and other pioneers, the exceptions from the law make any funds mined stay beyond the taxable domain. This produced a visible amount of 601 billion sums (478 thousand dollars) and contributed largely to the Treasury.
With such active integration and excitement-packed perspectives, Uzbekistan grows as a proving ground for cutting-edge economic and technological visions related to crypto.