Resolution of the President of the Republic of Uzbekistan on Measures to Organize Crypto-Exchange Activities in the Republic of Uzbekistan

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28.04.2022
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[OKOZ:
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09.00.00.00 Entrepreneurship and economic activity / 09.05.00.00 Exchange activity / 09.05.01.00 General rules for organizing exchanges and their activities. Specialization of exchanges]
[TSZ:
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Finance / Exchange activity]
Resolution of the President of the Republic of Uzbekistan On measures to organize the activities of crypto-exchanges in the Republic of Uzbekistan See previous version. In order to develop the digital economy and create favorable conditions for organizing the activities of crypto-exchanges, as well as in accordance with Resolution No. PQ-3832 of the President of the Republic of Uzbekistan dated July 3, 2018 "On measures for the development of the digital economy and the sphere of crypto-asset circulation in the Republic of Uzbekistan":
(The preamble is in the wording of Decree No. PF-121 of the President of the Republic of Uzbekistan dated April 27, 2022 — National Database of Legislation, 28.04.2022, No. 06/22/121/0354) See previous version.

1. It shall be noted that, in accordance with Resolution No. PQ-3832 of the President of the Republic of Uzbekistan dated July 3, 2018 "On measures for the development of the digital economy and the sphere of crypto-asset circulation in the Republic of Uzbekistan":
   (The first paragraph of clause 1 is in the wording of Decree No. PF-121 of the President of the Republic of Uzbekistan dated April 27, 2022 — National Database of Legislation, 28.04.2022, No. 06/22/121/0354) [OKOZ:

07.00.00.00 Legislation on finance and credit. Banking activity / 07.24.00.00 Securities. Securities market / 07.24.04.00 Professional activity in the securities market / 07.24.04.04 Trustee of investment assets;
2.
07.00.00.00 Legislation on finance and credit. Banking activity / 07.29.00.00 Accounting. Financial reporting / 07.29.03.00 Accounting for intangible assets]
crypto-asset circulation is regulated by special normative legal acts; [OKOZ:
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07.00.00.00 Legislation on finance and credit. Banking activity / 07.09.00.00 Tax legislation / 07.09.03.00 Taxes and fees;
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07.00.00.00 Legislation on finance and credit. Banking activity / 07.21.00.00 Banking activity / 07.21.11.00 Operations between legal entities, individuals and banks;
3.
07.00.00.00 Legislation on finance and credit. Banking activity / 07.24.00.00 Securities. Securities market / 07.24.04.00 Professional activity in the securities market / 07.24.04.04 Trustee of investment assets;
4.
07.00.00.00 Legislation on finance and credit. Banking activity / 07.29.00.00 Accounting. Financial reporting / 07.29.03.00 Accounting for intangible assets]
operations related to crypto-asset circulation by legal entities and individuals, including operations carried out by non-residents, are not considered taxable objects, and incomes received from these operations are not included in the tax base for taxes and other mandatory payments; [OKOZ:
1.
07.00.00.00 Legislation on finance and credit. Banking activity / 07.21.00.00 Banking activity / 07.21.11.00 Operations between legal entities, individuals and banks;
2.
07.00.00.00 Legislation on finance and credit. Banking activity / 07.24.00.00 Securities. Securities market / 07.24.04.00 Professional activity in the securities market / 07.24.04.04 Trustee of investment assets;
3.
07.00.00.00 Legislation on finance and credit. Banking activity / 07.29.00.00 Accounting. Financial reporting / 07.29.03.00 Accounting for intangible assets]
the norms of legislative acts on currency regulation do not apply to currency operations related to crypto-asset circulation carried out by persons who have received a license in the prescribed manner to carry out activities in the field of crypto-asset circulation; See previous version. [OKOZ:
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07.00.00.00 Legislation on finance and credit. Banking activity / 07.24.00.00 Securities. Securities market / 07.24.04.00 Professional activity in the securities market / 07.24.04.04 Trustee of investment assets;
2.
09.00.00.00 Entrepreneurship and economic activity / 09.05.00.00 Exchange activity / 09.05.05.00 Sale of individual types of products and property through the exchange]
an organization that provides an electronic platform for buying, selling and (or) exchanging crypto-assets is considered a crypto-exchange; [OKOZ:
1.
09.00.00.00 Entrepreneurship and economic activity / 09.05.00.00 Exchange activity / 09.05.05.00 Sale of individual types of products and property through the exchange]
license requirements and conditions for carrying out crypto-exchange activities have been established.
(Clause 1 was supplemented with paragraphs based on Decree No. PF-121 of the President of the Republic of Uzbekistan dated April 27, 2022 — National Database of Legislation, 28.04.2022, No. 06/22/121/0354) See previous version. [OKOZ:
1.
09.00.00.00 Entrepreneurship and economic activity / 09.05.00.00 Exchange activity / 09.05.05.00 Sale of individual types of products and property through the exchange]
2. It shall be established that legislative acts on securities, exchanges, and exchange activities do not apply to activities related to crypto-asset circulation and crypto-exchange activities.
(Clause 2 is in the wording of Decree No. PF-121 of the President of the Republic of Uzbekistan dated April 27, 2022 — National Database of Legislation, 28.04.2022, No. 06/22/121/0354) See previous version. (Clause 3 lost its force based on Decree No. PF-121 of the President of the Republic of Uzbekistan dated April 27, 2022 — National Database of Legislation, 28.04.2022, No. 06/22/121/0354) [OKOZ:
1.
09.00.00.00 Entrepreneurship and economic activity / 09.05.00.00 Exchange activity / 09.05.05.00 Sale of individual types of products and property through the exchange]
4. Crypto-exchanges are granted the right to:
[OKOZ:
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07.00.00.00 Legislation on finance and credit. Banking activity / 07.24.00.00 Securities. Securities market / 07.24.04.00 Professional activity in the securities market / 07.24.04.04 Trustee of investment assets;
2.
09.00.00.00 Entrepreneurship and economic activity / 09.05.00.00 Exchange activity / 09.05.05.00 Sale of individual types of products and property through the exchange]
receive remuneration for services rendered, including in the form of crypto-assets, and to determine its amount and the procedure for collecting it from trade participants (clients); [OKOZ:
1.
07.00.00.00 Legislation on finance and credit. Banking activity / 07.24.00.00 Securities. Securities market / 07.24.04.00 Professional activity in the securities market / 07.24.04.04 Trustee of investment assets;
2.
09.00.00.00 Entrepreneurship and economic activity / 09.05.00.00 Exchange activity / 09.05.05.00 Sale of individual types of products and property through the exchange]
organize exchange transactions with residents and non-residents of the Republic of Uzbekistan aimed at buying and (or) alienating crypto-assets for national and foreign currency, as well as exchanging crypto-assets for other crypto-assets. See previous version. (Clause 5 lost its force based on Decree No. PF-121 of the President of the Republic of Uzbekistan dated April 27, 2022 — National Database of Legislation, 28.04.2022, No. 06/22/121/0354)
6. The National Agency for Project Management under the President of the Republic of Uzbekistan shall, within one month:
Approve and implement the Regulation on the procedure for licensing crypto-exchange activities in the prescribed manner; Submit proposals in the prescribed manner, together with the Ministry of Justice of the Republic of Uzbekistan, on amendments and additions to legislative acts arising from this resolution.
7. Control over the execution of this resolution shall be entrusted to Z.Sh. Nizomiddinov, Head of the Administration of the President of the Republic of Uzbekistan, D.R. Li, First Deputy Director of the National Agency for Project Management under the President of the Republic of Uzbekistan, and B.M. Mavlonov, First Deputy Advisor to the President of the Republic of Uzbekistan.
President of the Republic of Uzbekistan Sh. MIRZIYOYEV Tashkent city, September 2, 2018, No. PQ-3926 (National Database of Legislative Acts, 03.09.2018, No. 07/18/3926/1823; 14.12.2019, No. 06/19/5894/4161; National Database of Legislation, 29.06.2021, No. 06/21/6252/0617; 28.04.2022, No. 06/22/121/0354)