The EMURGO, the commercial and venture arm of Cardano, has established a blockchain task force partnership with an agency under the government of the Republic of Uzbekistan, National Agency of Project Management (NAPM).

The partnership also involves advisors KOBEA Group & Infinity Blockchain Holdings, and it is dedicated to developing a legal framework for security token offerings (STOs) and exchanges (STXs) in the country.

According to a release, the KOBEA Group will act as consultants in that niche and a bridge between the banking and crypto sectors.

In turn, the commercial structural unit of Cardano is into the development of a business structure within the framework of this partnership.

Uzbekistan intends to rise to the stage of digitalization, thanks to the recent partnership. At the same time, the Emurgo project will help the country achieve its goals in the most efficient way. In addition, the knowledge of the Emurgo team will be used to create advanced solutions in the development of the Cardano network.

At the moment, Emurgo is fulfilling its tasks by providing a blockchain platform for national universities of Uzbekistan. The team’s knowledge is used in the development of state blockchain projects.

According to Ken Kodama, CEO of Emurgo, the Republic of Uzbekistan “is open to innovation.”

For Emurgo, this collaboration is an important milestone in the project’s development. As said by CEO of Emurgo, it is very important to work with government officials of the country and develop blockchain solutions at the same time.

Thus, legislation for STO and STX will help to upgrade old-school financial instruments that are used in the traditional financial market. At the same time, the recent partnership drives a transformative solution for tokenized solutions.

Blockchain In Uzbekistan

In Uzbekistan, it is possible to realize and to implement blockchain in the banking, medical and land sectors, as well as in the field of electronic identity cards. The following systems announced the development and plans for using blockchain technology: VISA, Mastercard, Unionpay, and SWIFT.

Uzbekistan is in a constant search for a solution to implement the blockchain. In April last year, President Shavkat Miromonovich Mirziyoyev required the preparation of a new regulatory action, which includes the concept of concepts such as electronic commerce and cryptocurrency circulation.

It is hoped that in the near future the entire state workflow will switch to blockchain technology. This will significantly cut the red tape in government bodies and make life easier not only for government officials but also for the entire population. According to the preliminary estimates, this will happen by 2030.