Uzbekistan Opens Doors for Cryptocurrency Exchanges with Tax Benefits

In efforts to boost its market-based economy, the government of Uzbekistan has decided to take initiatives favorable to the growing cryptocurrency industry.

Uzbekistan Goes Fishing for Bitcoin Exchanges

The former Soviet nation confirmed that it is legalizing cryptocurrency exchanges and will allow blockchain companies to set up their offices in the state. The legalization came in the wake of a presidential decree that was signed to encourage the use of cryptocurrency and blockchain in Uzbekistan.

A document published at the behest of the president of the Republic of Uzbekistan, titled “On measures to organize the activities of crypto-exchanges in Uzbekistan,” revealed a set of official definitions for bitcoin-like cryptocurrencies. The state has confirmed that it will not treat cryptocurrencies like securities. Therefore, the laws that are common to security exchanges will not bother cryptocurrency exchanges.

Instead, the crypto trading businesses will come under a new…