Blockchain Valley will be created in Uzbekistan

A project of the Uzbekistan Blockchain Valley will be at the National Agency for Project Management

This kind of experimental valley that provide special legal regimes to their participants for testing digital technologies and developing methodological approaches to legal regulation are already being applied by the UK, Singapore, Malaysia, the Netherlands and the Russian Federation.

The main goals of organizing the Uzbekistan Blockchain Valley are to create a single platform for testing and piloting projects in the field of crypto assets and blockchain technology that are not regulated by the current legal system of the republic, the formation of new regulatory mechanisms and testing of regulatory data mechanisms, reducing the time and cost of introducing innovative digital technologies to the country’s market.

The main activities of the residents of the Blockchain Valley are proposed to establish:

development and implementation of blockchain technology;

the provision of OTC transactions with crypto assets;

private and industrial mining;

crypto-asset conversion activities, the provision of crypto-wallet services;

initial placement of crypto assets (Security Token Offering);

other activities in the field of turnover of crypto assets and blockchain technology.

To obtain the resident status of the Blockchain Valley, companies will have to carry out one of the activities corresponding to the areas of the Valley, have their own and unique technologies (products, services) in the field of crypto assets circulation or “blockchain” technologies, offered for use and testing in the Blockchain Valley, or prove that an innovative approach is used in the use of well-known technologies. Also have a business plan with specific targets, a risk assessment report and an action plan to reduce them, an action plan to stop work on the project and written confirmation of potential customers about their participation in the project.

As in many Valley, it is supposed to provide a special legal regime for innovative projects in the field of crypto assets circulation.