Uzbekistan Presents Registration Requirements for Cryptocurrency Miners – Regulation Bitcoin News – Bitcoin News

Uzbekistan Presents Registration Requirements for Cryptocurrency Miners – Regulation Bitcoin News – Bitcoin News

Blockchain Crypto Market Technology
July 3, 2022 by Coinvasity
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by Lubomir Tassev Authorities in Uzbekistan have drafted and put forward for public consultations a set of rules for crypto miners operating in the country. Companies that want to mint digital currencies will have to register with the government and use renewable energy. Entities involved in cryptocurrency mining will need to register and renew their
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by Lubomir Tassev
Authorities in Uzbekistan have drafted and put forward for public consultations a set of rules for crypto miners operating in the country. Companies that want to mint digital currencies will have to register with the government and use renewable energy.
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.
The document was recently published for public consultations that will continue until July 9 and have already attracted a number of suggestions. It introduces key definitions pertaining to the industrial activity of digital currency extraction, including for the terms crypto mining, miner, and mining equipment.
The decree states that crypto mining is subject to mandatory registration while noting it is not an activity that requires licensing. It also obliges crypto miners to utilize electricity produced by photovoltaic stations and bans them from providing power from their supply source to any third party.
Bitcoin mining farms will also be allowed to connect to the national power grid, to ensure the stable operation of their hardware, through a separate electricity meter. That applies to the peak times of consumption, between 5 p.m. and 10 p.m., and also at night, from 10 p.m. until 6 a.m., when they will pay a surcharge.
However, not having access to an operational solar power station, ready to generate electricity, will be considered a violation of the rules. 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.”
Certified miners will be required to file information on the transactions with the mined cryptocurrencies with the NAPP, complying with the deadlines and procedures established by the regulatory body. They will not pay tax on the crypto assets received as income. The minted digital coins must be sold only on crypto exchange platforms registered in the country, the decree says.
What’s your opinion about the upcoming crypto mining regulations in Uzbekistan? Let us know in the comments section below.
Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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