Uzbekistan and Tether Partner to Promote Cryptocurrency and Blockchain Development and Regulation

Stablecoin issuer Tether Coin ( Tether ) Ltd. has signed a memorandum of understanding (MoU) with the National Agency for the Future Project (NAPP) of the Republic of Uzbekistan, aiming to develop a regulatory and legal framework for digital assets in the country, according to a March 7 news release.

According to the release, the NAPP is the main government agency that regulates and develops cryptocurrencies.

The agreement marks a strategic effort to accelerate Uzbekistan’s emergence as a hub for blockchain and peer-to-peer communication technologies, aiming to spark innovation and economic growth in the region.Bitcoin Miner

Regulatory framework for cryptocurrencies

The main focus of the partnership is to support the creation of a legal framework and regulatory policy that is conducive to the growth of cryptocurrencies and other digital assets in Uzbekistan.BITMAIN Antminer L7

This includes facilitating the development and implementation of digital currencies, exploring mechanisms for tokenizing assets, and enhancing the country’s digital currency payment infrastructure to enable more efficient transactions.

In addition, TEDACOIN and NAPP aim to develop a robust, independent communications and financial system for cheaper, faster and safer transactions.

The partnership also emphasizes educational programs, 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 evolving digital asset industry.

Uzbekistan Aims to Elevate Status

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

The partnership is expected to benefit the local startup community while boosting Uzbekistan’s attractiveness as a destination for global tech companies and professionals.

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

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

Since then, the country has taken significant 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 local virtual asset service providers (VASPs) that have strict regulatory guidelines and are licensed.

In addition, the country has established a special administrative region that offers tax incentives and simplified regulatory procedures for cryptocurrency-related companies in order to attract investment.