According to news on March 7, stablecoin issuing company Tether Co., Ltd. has signed a memorandum of understanding with the National Agency for Future Projects (NAPP) of the Republic of Uzbekistan to develop regulation and supervision for digital assets in the country. legal framework.

According to the release, NAPP is the primary government agency regulating and developing cryptocurrencies.

The agreement marks a strategic effort to accelerate Uzbekistan as a hub for blockchain and peer-to-peer communications technology, aiming to spark innovation and economic growth in the region.

Cryptocurrency regulatory framework

The main focus of the collaboration is to support the creation of a legal framework and regulatory policies conducive to the growth of cryptocurrencies and other digital assets in Uzbekistan.

This includes promoting the development and implementation of digital currencies, exploring asset tokenization mechanisms, and enhancing the country’s digital currency payment infrastructure to enable more efficient transactions.

In addition, Tether and NAPP aim to develop a powerful, independent communication and financial system to enable cheaper, faster and more secure transactions.

The collaboration also emphasizes educational initiatives, working with local academic institutions to develop courses that enhance understanding of blockchain technology, stablecoins, and their applications.

These educational efforts are designed to provide individuals with the knowledge and skills needed to succeed in the growing digital asset industry.

Uzbekistan aims to improve status

Tether’s partnership with the Republic of Uzbekistan represents a joint effort to strengthen the blockchain ecosystem, promote innovation and establish Uzbekistan as a global leader in blockchain and peer-to-peer technology.

This collaboration is expected to benefit the local startup community while boosting Uzbekistan’s attractiveness as a destination for global technology companies and professionals.

Lee Dmitriy Romanovich, director of NAPP, said: “A well-integrated and responsible blockchain ecosystem can have a profound impact on improving the lives of all Uzbek citizens.”

Uzbekistan has been working to regulate the digital asset industry since 2022 through a directive that introduced a preliminary regulatory framework for the industry and included the establishment of NAPP.

Since then, the country has taken important steps to integrate digital assets into its economy while ensuring a balanced regulatory framework.

Uzbekistan’s regulatory framework legally recognizes cryptocurrencies but does not consider them legal tender. The country only allows trading and other activities through licensed local virtual asset service providers (VASPs) with strict regulatory guidelines.

In addition, the country has established a special administrative region to provide tax incentives and simplified regulatory procedures for cryptocurrency-related companies to attract investment. #烏茲別克斯坦 #Tether

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