Stablecoin issuer Tether Limited has signed a Memorandum of Understanding (MOU) with the Republic of Uzbekistan’s National Agency of Perspective Projects (NAPP) to collaborate on developing a regulatory and legal framework for digital assets in the country, as per a March 7 press release.
NAPP serves as the primary government agency responsible for overseeing crypto regulation and development, the release states.
The partnership aims to position Uzbekistan as a key center for blockchain and peer-to-peer telecommunication technologies, with a focus on fostering innovation and driving economic growth in the region.
Regulatory framework for crypto
The collaboration between Tether and NAPP places significant emphasis on establishing a legal framework and regulatory policies that support the growth of crypto and digital assets in Uzbekistan.
This includes aiding in the creation and adoption of digital currency, exploring asset tokenization methods, and enhancing the country’s digital currency payment infrastructure for smoother transactions.
In addition, Tether and NAPP are looking to develop a resilient communication and financial system that facilitates faster, cheaper, and more secure transactions.
The partnership also highlights educational initiatives, involving local academic institutions in developing programs that enhance understanding of blockchain technology, stablecoins, and their real-world applications.
These educational efforts are geared towards equipping individuals with the necessary knowledge and skills for success in the evolving digital asset industry.
Uzbekistan aims to raise standing
The collaboration between Tether and the Republic of Uzbekistan signifies a joint effort to bolster the blockchain ecosystem, drive innovation, and position Uzbekistan as a global leader in blockchain and peer-to-peer technologies.
This partnership is expected to benefit the local startup community while also enhancing Uzbekistan’s appeal as a destination for technology companies and professionals globally.
NAPP director Lee Dmitriy Romanovich stated, “A well-integrated and responsibly introduced blockchain ecosystem can have a profound impact on improving the lives of all Uzbekistan citizens.”
In 2022, Uzbekistan started steps towards regulating the digital assets industry by introducing a preliminary regulatory framework and establishing the NAPP. The country has since made significant progress in integrating digital assets into its economy while ensuring a balanced regulatory environment.
Uzbekistan’s regulatory framework recognizes crypto as a legal asset, but does not consider it legal tender. Trading activities are permitted only through licensed local virtual asset service providers (VASPs) under strict guidelines.
Furthermore, the country has set up a special zone that offers tax advantages and streamlined regulatory processes for crypto-related companies to attract investments.
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- Source: https://cryptoinfonet.com/regulation/tether-partners-with-uzbekistan-to-drive-growth-in-cryptocurrency-blockchain-industries-and-regulation/
