Uzbekistan Presents Registration Requirements for Cryptocurrency Miners

Authorities successful Uzbekistan person drafted and enactment guardant for nationalist consultations a acceptable of rules for crypto miners operating successful the country. Companies that privation to mint integer currencies volition person to registry with the authorities and usage renewable energy.

Uzbekistan Discusses Draft Regulations for Crypto Mining Sector

Entities progressive successful cryptocurrency mining volition request to registry and renew their certificate each year, according to a draught decree by the manager of Uzbekistan’s National Agency for Perspective Projects. NAPP is the country’s main crypto watchdog, which is straight subordinated to the medication of President Shavkat Mirziyoyev.

The papers was precocious published for nationalist consultations that volition proceed until July 9 and person already attracted a fig of suggestions. It introduces cardinal definitions pertaining to the concern enactment of integer currency extraction, including for the presumption crypto mining, miner, and mining equipment.

The decree states that crypto mining is taxable to mandatory registration portion noting it is not an enactment that requires licensing. It besides obliges crypto miners to utilize energy produced by photovoltaic stations and bans them from providing powerfulness from their proviso root to immoderate 3rd party.

Bitcoin mining farms volition besides beryllium allowed to link to the nationalist powerfulness grid, to guarantee the unchangeable cognition of their hardware, done a abstracted energy meter. That applies to the highest times of consumption, betwixt 5 p.m. and 10 p.m., and besides astatine night, from 10 p.m. until 6 a.m., erstwhile they volition wage a surcharge.

However, not having entree to an operational star powerfulness station, acceptable to make electricity, volition beryllium considered a usurpation of the rules. The aforesaid applies to “hidden mining,” erstwhile idiosyncratic else’s hardware is utilized without their knowledge, mining astatine a determination antithetic from the 1 specified during registration, arsenic good arsenic minting of “anonymous crypto assets.”

Certified miners volition beryllium required to record accusation connected the transactions with the mined cryptocurrencies with the NAPP, complying with the deadlines and procedures established by the regulatory body. They volition not wage taxation connected the crypto assets received arsenic income. The minted integer coins indispensable beryllium sold lone connected crypto speech platforms registered successful the country, the decree says.

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