Uzbekistan’s President Legalizes and Taxes Cryptocurrency
The president of Uzbekistan has approved a series of legislative amendments, marking a new chapter in the country’s approach to cryptocurrencies. The legislative changes, as reported by Forklog, span various facets of the cryptocurrency industry, heralding a progressive shift in how Uzbekistan views and regulates digital assets. Notably, these amendments extend to cryptocurrency exchanges, mining pools, cryptocurrency storage services, and mining operations.
The cornerstone of this regulatory framework is the requirement for cryptocurrency-related entities to obtain licenses to operate legally within the country. This proactive measure aims to establish a regulated environment that safeguards both investors and the broader financial system while promoting innovation and economic growth. One of the fundamental aspects of the new regulations is taxation. Once licensed, cryptocurrency entities are obligated to contribute to the country’s tax revenue. This signifies the recognition of cryptocurrencies as legitimate financial assets in Uzbekistan, subject to the same fiscal responsibilities as traditional businesses.
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