News & Insights
Legal Updates
Regulation of crypto currencies and electronic money
While e-money is a digital alternative to real money, cryptocurrency is an unregulated virtual currency. They both are types of digital currency; however, cryptocurrency is not a type of electronic money because it is not regulated and issued by any bank or financial institution of electronic money Another important novel described below is about the rights of the residents of Uzbekistan on the purchase of cryptocurrencies. Previously, residents of Uzbekistan could not buy cryptocurrency. They were only allowed to sell crypto-assets and tokens. However, with the adoption of the Order of the Director of the National Project Administration Agency “On amendments and additions to Appendix No. 1a of the Regulations on the procedure for licensing the activities of crypto-exchanges”, the residents of the Republic of Uzbekistan can now fully enjoy the transaction of crypto-assets and tokens.
Changes in business regulation
Recent changes adopted by the government of Uzbekistan substantially alter the regulation of corporate business, employment, e-commerce, taxation, agriculture, customs clearance, public procurement, cross-border public services, insurance system, cryptocurrency turnover, import, certification, and other matters
business lawPrivatization of Lands in Uzbekistan
Under the art. 18 of the Land Code, the ownership right of legal entities and individuals to the land plot for non-agricultural purposes arises in the case of privatization of the lands in accordance with the procedure established by the legislation. On November 15, 2021, the Law of the Republic of Uzbekistan “On privatization of non-agricultural land plots” was adopted. The Law provides the procedures of privation of lands in Uzbekistan. Notably, Article 13 of the Law explicitly limits the subjects, who may take benefit from the Law to citizens and legal entities - residents without foreign investment.
Civil lawPersonal Data Protection in Uzbekistan
With the adoption of the Law of the Republic of Uzbekistan “On personal data” No. ZRU-547 dated 2 July 2019 (“ Law on Personal Data ”), the regulatory framework of personal data protection in Uzbekistan has substantially been altered. Following the need to shed some light on the benchmark standards of personal data protection in Uzbekistan, the Leges Advokat team has prepared the handbook with an all-around analysis of the matter.