The chief order spares all of the mined property from taxation and bans mining nameless currencies.
The Nationwide Company of Potential Tasks (NAPP) in Uzbekistan introduced its calls for towards crypto mining operators. It could solely permit the businesses that use photo voltaic power to mine Bitcoin (BTC) or different cryptocurrencies.
The normative act on the federal government web page, dated June 24, describes the affirmation of “Pointers on the registration of the crypto property mining,” and units the finalization date on July 9. The second article of the doc presents an uncompromising wording:
“Mining is being carried out solely by the authorized entity with the usage of electrical power, offered by a photo voltaic photovoltaic energy plant.”
As an extra complication, the miners ought to personal the photo voltaic photovoltaic energy plant that they’ll use for power.
The chief order additionally obliges any mining operator to acquire a certificates and register within the nationwide registry of crypto mining corporations. This process calls for a quick record of paperwork, and will take not more than 20 days from submitting to the ultimate resolution to the licensing physique. The certificates can be legitimate for one 12 months after the registration.
All of the forex generated from mining actions can be spared taxation, although the mining farms would face the particular tariffs on the consumed power set by the Uzbekistan authorities. However, the commerce operations with mined property must be carried out solely on the alternate platforms which might be registered in Uzbekistan. The mining of nameless cryptocurrencies can be prohibited.
In April 2022, the freshly-restructured NAPP grew to become Uzbekistan’s unique crypto regulator with the mission to adopt a special crypto regulation regime within the nation. This transfer got here in a row of initiatives launched by the Uzbekistan President Shavkat Mirziyoyev to supply the regulatory framework for crypto. In September 2018, Mirziyoyev signed a legislation prohibiting native companies from launching their crypto exchanges in Uzbekistan. The legislation solely provided authorized standing to crypto exchanges established by international authorized entities.