Uzbekistan Has Licensed Uznex

News / 22.01.2020

Uznex has become the pioneer cryptocurrency exchange in Uzbekistan to obtain a regulatory license. A firm based in Korea, Kobea group, is operating Uznex.

On January 20, while an opening ceremony was ongoing at the place where a global blockchain conference took place in Tashkent, they announced the launch of Uznex.

The authorities of Uzbekistan are coming up with a draft to exempt income from cryptos from taxation. They are likewise looking forward to the establishment of a “national mining pool” for all private miners.

Some time ago, the government announced restrictions on its citizens as they are not to purchase cryptos from licensed exchanges. Citizens holding cryptocurrencies in the country can only sell coins if they did not obtain them via anonymous transactions.

However, foreign firms and nationals living in the country will have full access to its services under Uzbekistan’s legislation.

The government legalized cryptocurrency trading and is then preparing exemption of income obtained in cryptocurrencies from taxation. Here is an excerpt from the proposed draft:

“Operations of legal entities and individuals related to the circulation of crypto assets, including those carried out by non-residents, are not subjected to taxation, and income received from these operations is not included in the tax base for taxes and other obligatory payments.”

As for the planned national mining pool, the private miners will have to pay more for electricity than other businesses.

 

Featured image courtesy of Uznex medium. Source: Cryptopress.

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Sudarshan M is a long time crypto-enthusiast. Pulled in by bitcoin early on, it did not take long for Sudarshan to divert all of his academic attention from business studies to blockchain by doing his Masters and eventually pursuing his PhD in the subject.