The Tashkent International Arbitration Center (TIAC) will be under the leadership of the Chamber of Commerce and Industry of Uzbekistan. According to the decree signed by President Shavkat Mirziyoyev, this platform will be used to resolve disagreements regarding investments, intellectual property and cryptocurrency technologies.
TIAC will adhere to international arbitration standards, since the center will consider disputes not only of local companies, but also of institutions registered in other countries. According to Gazeta.uz, both citizens of Uzbekistan and specialists from abroad can be appointed to the position of arbitrators.
The center will advise enterprises and foreign investors operating in Central Asian countries. The Arbitration Tribunal will also focus its efforts on preventing legal disputes, especially where a government unit is involved in the dispute. Arbitrators will be allowed to use mediators and other mechanisms to resolve crypto disputes within the framework of global law.
A supervisory board consisting of leading international experts will assist and monitor the implementation of international standards by arbitration centers. President Mirziyoyev instructed representatives of the Chamber of Commerce and Industry to develop a bill “On International Arbitration” within a month, which will lay the foundation for the activities of TIAC.
The Government of Uzbekistan continues to make attempts to regulate the cryptocurrency sector.
In July, another presidential decree was issued, which created the conditions for legalization of cryptocurrency transactions, blockchain technology and mining. Shavkat Mirziyoyev instructed two state-owned companies - Ubekenergo and Uzbekhydroenergo - to allocate land plots for industrial-scale mining pools.
Having decided to create an arbitration center, Uzbekistan has become the second country in the post-Soviet space that is trying to introduce a mechanism for resolving disagreements in the cryptocurrency field.
According to bitcoin.com
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