President orders to introduce legal framework for mining and development of cryptoactive assets turnover into the civil legislation 

President Shavkat Mirziyoyev signed a decree on improvement of civil legislation.

The concept, which was approved by the document, indicates introduction of innovative forms and procedures for regulating civil law relations demanded in modern conditions.

The first is formation of the legal framework for the use of ICT in civil law relations, in particular, development of the circulation of cryptoactive assets, including mining; legal regulation of collecting and processing significant arrays of impersonal information (big data), expanding opportunities for the use of electronic commerce, procurement through electronic platforms.

The second is improvement of the procedure for collectively challenging business-related decisions, with the provision of the right to participate in a contest to any interested parties. Here is the introduction of the institution of fiduciary duties of the company’s director.

The third is development of collateral relations by simplifying the design of collateral, introduction of the institution of co-pledgees, the pledged agent, and so on.

The fourth is introduction of the procedure for extraterritorial application of foreign law in the territories of free economic zones and other individual territories of the country.

The fifth and final point in this section is ensuring the reliable protection of the image of individuals, their personal non-property rights and other intangible benefits.

Earlier, it was reported that within the framework of the same concept, a reduction in the number of legal forms is envisaged.