Tashkent, Uzbekistan (UzDaily.com) -- Uzbekistan is confidently and consistently following the path of forming its own approach to legal regulation and creating favorable conditions for the development of the crypto industry in the country as an integral part of the digital economy.

And here it should be noted that the head of state pays special attention to the development of the digital economy in the Republic of Uzbekistan.

In particular, the President of the Republic of Uzbekistan Shavkat Mirziyoyev during his Address to the Chambers of the Oliy Majlis of the Republic of Uzbekistan on 24 January, 2020 declared the country as the “Year of the development of science, education and the digital economy”.

Already now, the results of the decisions of the President of the Republic of Uzbekistan adopted in 2018 aimed at developing the circulation of crypto assets are noticeable. In particular, today the country has formed a regulatory framework for regulating the activities of crypto exchanges, including an authorized body for their licensing (National Agency for Project Management under the President of the Republic of Uzbekistan, hereinafter referred to as the Agency), a licensing procedure and rules for the implementation of crypto exchanges have been approved exchange trading, the first crypto exchange is open.

At the same time, the Agency continues to work on the further development of methodological approaches to legal regulation and legalization of the crypto-assets market.

In January 2020, the Agency for public discussion published a draft resolution of the President of the Republic of Uzbekistan “On measures for the further development of the sphere of circulation of crypto assets in the Republic of Uzbekistan”.

The document envisages the creation of the Uzbekistan Blockchain Valley Regulatory Sandbox for Digital Technology Development Agency, the creation of an enabling environment for the development of crypto assets in Uzbekistan, an STO to attract foreign investment in the activities of the mobile operator MobiUZ (Universal Mobile Systems LLC) and JSC Uzbekhydroenergo.

One of the important elements in the draft resolution is the initiative to create the Uzbekistan Cryptocurrency Mining Pool, the National Mining Pool, in order to consolidate the hardware capacities of miners - residents and non-residents of the Republic of Uzbekistan, mining crypto assets.

The experience of Iceland and Belarus, where a favorable environment for mining is formed, shows that this business is actively developing at the local level and contributes to the influx of currency into the country.

The creation of a national mining pool, the members of which, according to the project, will pay for electric energy at generally established tariffs, is seen as one of the bold steps towards the further development of mining in Uzbekistan, and is also aimed at improving transparency, security and control, as well as increasing energy efficiency in mining of crypto assets and the provision of favorable conditions for industrial and private miners in the territory of the Republic of Uzbekistan.

Mandatory participation of miners in the mining pool is assumed, while the activities of industrial miners are proposed to be licensed, and private miners to be registered. The proposed norm on the payment by members of the pool of electric energy at generally established tariffs is called upon to stimulate voluntary participation in the mining pool.

The members of the mining pool will have the opportunity to legally sell the mine assets on local crypto exchanges or on a special platform organized by the operator.

With the introduction of this mechanism, miners of Uzbekistan will have the opportunity to legalize their activities and the “legal vacuum” to regulate their activities will be eliminated.

It should be emphasized that on the public comment portal the draft document received a number of positive reviews indicating the progressiveness of the idea of ​​creating a national mining pool. Today, there is already a tendency to change attitudes towards crypto assets and related activities, including mining, from complete rejection to exploring the possibilities of their use in the banking and financial sector.

In general, the creation of a national mining pool is a timely and progressive initiative that will not only combine the power of miners at the country level, but will also once again show the international community that the Republic of Uzbekistan is open to innovation and advanced technologies in a country striving to create the maximum favorable investment climate

including the areas of turnover of crypto assets.