Uzbekistan Endorses Mining While Also Restricting It Greatly

An executive order introduces new regulation guidelines in the country.

Uzbekistan Endorses Mining While Also Restricting It Greatly

The National Agency of Prospective Projects (NAPP) in Uzbekistan has come up with new regulation guidelines dubbed “Guidelines on the registration of the crypto assets mining” that have been officially approved by the Uzbekistani government and should come into force on July 9.

The official document describes the conditions that need to be met for crypto enthusiasts to be able to mine:

“Mining is being carried out only by the legal entity with the use of electric energy, provided by a solar photovoltaic power plant.”

Furthermore, the miners should be in possession of their own solar plant, which complicates the whole process some more. They should also register in the national registry of crypto mining companies, which can take up to 20 days to process.

When it comes to taxes, all the rewards from mining operations shall not be subject to taxation, however, the government will implement tariffs on the energy consumed. Mining of anonymous cryptocurrencies shall be prohibited.

NAPP has been an exclusive crypto regulator for the Uzbekistan market since April of this year, after being freshly reconstructed. It has promised to bring clear crypto regulations to the country. So far, they have succeeded in the clarity department, but some of these new regulations seem a little too harsh. Nevertheless, it is a step forward.

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