The President of Uzbekistan, Shavkat Mirziyovev, signed the new crypto legislation for the country, in addition to selecting and then assigning a special central authority to oversee that all regulations from the new legislation are followed. The renamed financial regulator of Uzbekistan is called the Perspective Project Agency.

In particular, as per the crypto directive that was published on the 27th of April, the new agency, which by the way was previously known in the public as the National Agency for Project Management, will be tasked to oversee the entire crypto industry in Uzbekistan. One of the main responsibilities will be making sure that the new crypto laws are not used for money laundering, or funding terrorism.

Funded by donations, loans and grants, the Perspective Project Agency will also strive to assist any upcoming and new crypto business and ventures. More specifically, the agency will allow all crypto projects to freely operate without any licence whatsoever, in addition to paying rather low taxes in the first three years.

If during this time the project doesn’t manage to establish itself as a full-blown crypto company/business, then according to the new crypto legislation in Uzbekistan, it will be shut down. Finally, as per the news from Uzbekistan, the new director of the agency will be personally selected by President Mirziyovev.

Consequently, the crypto directive is set in motion for the 1st of January 2023, when Uzbek residents will have the option to participate in the trade of cryptocurrencies at their local crypto exchanges. Prior to buying and selling crypto, the citizens will first have to go through a verification procedure, in addition to storing 5-year data of all transactions.

According to the new law, all of the entities and companies that wish to be involved in the new crypto climate in Uzbekistan must register locally. Additionally, the directive also instructs all crypto miners to rely on solar power from the designated power plants if they wish to proceed to mine. Those who choose to mine from the national grid, on the other hand, will pay double the price of electricity.