A special regulatory regime to be introduced in the sphere of circulation of crypto-assets
Tashkent, Uzbekistan (UzDaily.com) -- By Presidential Decree, the National Agency for Project Management under the President of the Republic of Uzbekistan was transformed into the National Agency for Advanced Projects of the Republic of Uzbekistan.
The priority tasks and activities of the Agency are:
- development and implementation of a unified state policy in the field of circulation of crypto-assets;
- ensuring the observance of the rights and legitimate interests of investors in the field of circulation of crypto-assets;
- participation in the development and implementation of measures to counteract the legalization of proceeds from crime, the financing of terrorism and the financing of the proliferation of weapons of mass destruction in the field of crypto-assets circulation;
- initiation and assistance in the promotion of projects for the implementation of distributed data registry technology and other latest technologies in public administration and various socio-economic spheres.
In accordance with the changes introduced by the Decree, the Agency establishes a Special Regulatory Regime in the Sphere of Crypto Assets Circulation (Special Regulatory Sandboxes Regime), which provides for the creation of special organizational and legal conditions for legal entities implementing technologies in the sphere of crypto assets circulation.
As part of the implementation of pilot projects in the Special regime of "regulatory sandboxes":
- participants of the Special regime of "regulatory sandboxes" are exempt from paying all types of taxes and mandatory contributions to state trust funds, as well as customs payments (except for customs fees) for equipment, components, parts, assemblies, technological documentation, software imported for their own needs security not produced in the Republic of Uzbekistan, according to the lists approved in the prescribed manner;
- Income in the form of wages received by employees under employment contracts with participants in the Special Regulatory Sandbox Regime is subject to personal income tax at a flat rate of 7.5 percent and is not included in the total annual income of individuals determined for tax purposes.