- Uzbekistan-registered exchange would be the sole option for trading in mined assets.
- Only crypto exchanges founded by foreign legal companies were given legal standing.
According to The National Agency of Prospective Projects (NAPP), the Uzbekistan government expects a lot from cryptocurrency mining companies. Only firms who mine Bitcoin (BTC) or other cryptocurrencies using solar energy would be allowed to do so.
Miners Should Own Solar Photovoltaic Power Plant
An official normative act dated June 24 confirms “Guidelines on the registration of the crypto assets mining” and sets July 9 for its finalization, according to the government’s website. To complicate things even further, miners should own the solar photovoltaic power plant they will use to generate electricity.
Anyone who mines cryptocurrencies must receive a certificate and be registered in the national registration of crypto mining enterprises. Documents are required to be submitted to the licensing agency, and the process should take no more than 20 days from submission to a final determination. After the registration, the certificates would be valid for a year.
Even though Uzbekistan’s government has established specific rates on the electricity utilized by mining farms, none of the money they create will be taxed. However, Uzbekistan-registered exchange platforms would be the sole option for trading in mined assets. Anonymity-based cryptocurrency mining would be illegal.
Reformed NAPP became Uzbekistan’s exclusive crypto regulator in April 2022, with the mandate to implement a unique crypto regulatory system in the nation. Shavkat Mirziyoev, the president of Uzbekistan, has taken a series of steps to ensure the legality of cryptocurrency. As of September 2018, Uzbekistan’s President Mirziyoyev approved a bill preventing domestic companies from opening cryptocurrency exchanges in the country. Only crypto exchanges founded by foreign legal companies were given legal standing under the statute.
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