Uzbekistan’s president decrees to adopt crypto framework

The Republic of Uzbekistan continues to progress with local cryptocurrency regulations.

The Uzbek President Shavkat Mirziyoyev has issued a new decree regulating the industry.

The new decree instructs a reorganization of a major presidential agency known as the National Agency for Project Management (NAPM).

The authority has previously promoted crypto trading in Uzbekistan, proposing to allow residents to conduct all types of crypto trades in 2021.

According to the decree, the NAPM will be restructured into a new entity called the National Agency for Perspective Projects (NAPP), responsible for a wide range of crypto regulation-related projects with the mission to adopt a “special crypto regulation regime” in Uzbekistan.

The agency is required to develop and adopt a unified state policy on crypto as well as ensure investor protection and enforce measures to combat illegal activities like terrorism financing. The NAPP will also initiate and promote projects that apply blockchain and other emerging technologies in public administration and other socio-economic sectors.

According to the document, income from salaries by participants of the “special regime” is subject to personal income tax at a fixed rate of 7.5%.

Uzbek President Shavkat Mirziyoyev was re-elected for a second five-year term in October 2021, taking office in 2016 following the death of longtime leader Islam Karimov. Mirziyoyev has adopted a number of initiatives in the crypto industry since assuming the office.

In 2018, Mirziyoyev ordered the establishment of a state blockchain development fund aiming to integrate blockchain into public administration projects like healthcare and education.