Journal

Regulation of crypto-assets turnover in Uzbekistan

Adoption of the Resolution of the President of the Republic of Uzbekistan №PR 3832 “On measures on the development of digital economy of the Republic of Uzbekistan” on July 3, 2018 determined indroduction and development of the activities in the field of crypto-assets turnover, including mining, smart contracts, consulting, issuance, exchange, storage, distribution, management, insurance, crowdfunding, as well as blockchain technologies to diversify various forms of investment and entrepreneurial activities as one of the prior objectives for the digital economy development.
The Resolution has outlined the following basic aspects:

Features of regulation of production facilities’ use

Problems related to property law have become in recent years probably the most pressing issues for our compatriots, as well as foreign investors.
These cover also the procedure for legal regulation of the use of production facilities by entrepreneurs.

The procedure for hiring foreign specialists has been changed.

Resolution of the Cabinet of Ministers of the Republic of Uzbekistan No.244 dated March 25, 2019 in pursuance of the Resolution of the President No. PP-4008 of November 7, 2018 “On measures on the creation of favorable conditions for carrying out of labor activities on the territory of the Republic of Uzbekistan by qualified specialists from foreign states” passed the Regulation dated March 25, 2019 of the Cabinet of Ministers of the Republic of Uzbekistan on the approval of Provisions “On the procedure for attracting and usage of labor force in the Republic of Uzbekistan”.

Procedure for Registration of Real Estate Deals has Changed Again

Amendments were introduced earlier into the Civil Code in compliance with the Law of the Republic of Uzbekistan dated October 18, 2018, which raised the issue of the procedure for execution of contracts for the sale of real estate. In particular, it was established that the sale of any real estate,

Permission issued for the transfer of foreign currency outside the Republic of Uzbekistan by non-residents working through a permanent institution

Amendments had been introduced into the “Procedure for maintaining non-residents’ accounts in national currency by commercial banks of the Republic of Uzbekistan” (Reg. No.510 of the Ministry of Justice dated 1998.10.22) and the “Procedure for maintaining accounts in foreign currency by commercial banks” (Reg. No.511 of the Ministry of Justice dated 1998.12.10). The Central the bank introduced those changes, published on the 25th of March, 2019
In compliance with the introduced amendments:

New measures in support of the textile industry

A presidential decree “On measures to further deepen reforms and expand the export potential of the textile and garment-and-knitwear industry” dated February 12, 2019, provides for measures aimed at supporting and developing the textile and garment-and-knitting sector of economy.
In particular, it has been established that as of April 1, 2019, an order in compliance with which:

Trade liberalization is going on.

Under the Decree of the President of the Republic of Uzbekistan “On measures for further liberalization of trade and development of competition in the commodity markets” as of October 30, 2018 (hereinafter “Decree”), relevant measures have been undertaken to develop wholesale and exchange trade, develop retail networks, as well as the use of modern information technologies by business entities.
In particular, there have been undertaken the measures on abolishing the followings to be effective from January 1, 2019:

Registration of real estate transactions: what has changed.

The Law of the Republic of Uzbekistan passed on October 11, 2018 and published on October 12, introduced amendments to the Civil and Tax Codes, which raised the issue of the procedure for drawing up and the forms of agreements for the sale and lease of real estate.
In particular, a significant change is that if in the past only the conclusion of a contract for the sale of residential premises required mandatory notarization, then now the sale of any real estate, that is, including non-residential ones, shall be formalized by way of drawing up and signing of a single document by the parties and its compulsory notarization.

STATUTORY FUNDS ARE NO LONGER THE SAME AS THE OLD ONES

In connection with undertaken moves on the liberalization of the foreign currency policy of the Republic of Uzbekistan (Decree No.УП-5917 of the President of the Republic of Uzbekistan dated September 29, 2017 “On introduction of changes and amendments into certain acts of the President of the Republic of Uzbekistan”, which lost their force), as well as on measures on saturation of the market with goods and commodities and development of competitive environment (Decree №-5303 of the President of the Republic of Uzbekistan dated January 16, 2018 “On measures on further securing the country’s food safety”) changes have been introduced into a number of legal acts related to requirements as regards minimum amount of statutory fund of individual entrepreneurial entities.