Uzbekistan has published a list of guidelines for cryptocurrency miners that they have put out for public discussion. Businesses that plan to issue digital currency will need to register with the government.
Uzbekistan discusses draft regulations for the crypto mining sector
Entities involved in cryptocurrency mining will need to register and renew their certificate every year, according to a draft decree by the director of Uzbekistan’s National Agency for Perspective Projects. NAPP is the country’s main crypto watchdog, which is directly subordinated to the administration of President Shavkat Mirziyoyev.
This document was published recently for public consultations, which will last until July 9. They have attracted many suggestions. The document introduces the key terms for digital currency extraction.
Although crypto mining requires mandatory registration, it does not need to be licensed. The decree also requires crypto miners use electricity generated by photovoltaic station and prohibits them providing power to third parties.
To ensure that their mining equipment is running smoothly, Bitcoin mining farms can also connect to the national electricity grid. This will be done through an independent electricity meter. The surcharge applies for peak hours, 5-10 p.m. and 6-6 a.m.
It will still be illegal to not have access to an operating solar power station that can generate electricity. The same applies to “hidden mining,” when someone else’s hardware is used without their knowledge, mining at a location different from the one specified during registration, as well as minting of “anonymous crypto assets.”
The NAPP will require certified miners to report information about transactions made with mined crypto currencies. They must also comply with all deadlines and other requirements. The income they receive in crypto assets will be exempt from tax. This decree states that digital coins must only ever be sold on the crypto exchange platforms in their country.
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