The creation of the "Uzbekistan Blockchain Valley" Regulatory Sandpit for the development of digital technologies is being discussed in Uzbekistan with the participation of the National Project Management Agency (NAPU).
This initiative is aimed at attracting foreign investment, creating favorable conditions for startups operating in the cryptovoltaic industry, and regulating the turnover of digital assets. Among the priorities is the digitalization of government agencies through the introduction of a blockage and smart contracts.
The foundations for legal regulation of crypt-currency in Uzbekistan were laid back in 2018, when President Shavkat Mirziyoyev signed decrees "On measures to develop the digital economy in the Republic of Uzbekistan" and "On measures to organize the activities of crypt-currency exchanges in the Republic of Uzbekistan".
Given the lack of uniform standards for regulating cryptovoltaic exchange turnover and the rapid development of digital technologies, existing approaches to regulation may be ineffective. Therefore, NAPU has proposed to create in the country a Regulatory Sand Point for the development of digital technologies "Uzbekistan Blockchain Valley", which is a special legal regime for start-ups and innovative companies.
The main activities of the residents of the Regulatory Sandbox of Uzbekistan will include:
development and implementation of the Blockchain;
execution of over-the-counter transactions with digital assets;
private and industrial mining;
crypt currency exchange services as well as crypt currency wallet services;
Token Share Offering (STO);
other activities related to the blocking and turnover of digital assets.
To become a resident of the Regulatory Sandbox, firms must not only engage in one of these activities, but also have their own unique technology suitable for testing in the "sandbox", or apply a peculiar approach to the use of well-known technologies. In addition, such companies should work out a further development plan with targets, assess risks and create an action plan to minimize them, as well as have written confirmation of potential clients about their readiness to participate in the project.
The project implementation period is 12 months, and this period can be extended by no more than 24 months. If at the end of this period the project proves to be effective, the Uzbek authorities will make a decision to introduce the relevant provisions into the legal acts of the Republic of Uzbekistan, and the project will continue its development beyond the Regulatory Sand Point. If after the analysis of the project it is found to be ineffective, its further implementation will be stopped.
According to the ANAU, the Regulatory Sandpit will serve as an "intermediate link" to create an effective mechanism to regulate the circulation of cryptovoltaic currency and the introduction of a blockage in various areas. At the same time, the standards of the International Financial Action Task Force (FATF) for virtual assets will be observed. The FATF will take a cautious approach in creating a regulatory environment for cryptocurrency to protect the rights and interests of citizens and prevent the use of digital assets for money laundering and terrorist financing.
Initiatives to create regulatory sandboxes have been taken in different countries, which demonstrates their willingness to actively implement a bloc for the development of their economies. Last month, the Ministry of Economic Development of the Russian Federation proposed to create Experimental Legal Regimes in the country, which would provide for currency control and regulation for cryptovoltaic startups, as well as for the size of authorized capital. The State of Hawaii also intends to establish an "Innovation Laboratory for Digital Currencies", under which issuers of cryptovoltaic currencies will be able to operate in Hawaii without a state license to provide financial services.
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