April 23, 2024

Mining legalized in Uzbekistan with one condition

Uzbekistan allows Bitcoin mining, but only using electricity "produced by solarphotovoltaic station." This follows from the order published on the portal for discussing draft regulations.

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It is reported that miners (being exclusivelylegal entities) are also required to register with the local regulatory authority. At the same time, legal entities must annually renew a certificate giving permission to engage in cryptocurrency mining activities.

In addition, authorities have also banned the mining of “anonymous crypto-assets”—assets that operate on the principle of anonymity. However, the authorities have not yet clarified which cryptocurrencies are classified as such.

Despite the legalization of mining, minedCryptocurrency cannot be held for resale in third-party markets. According to the order, the cryptocurrencies obtained during the mining "should be implemented by miners on the electronic platforms of providers."

For the first time about Uzbekistan’s plans to legalize miningon solar energy became known in early May. It was then reported that the presidential decree would exempt mining companies that mine cryptocurrency using solar energy from paying income tax.

The decree stated that miners wishing toto use mains electricity, must pay double fees, and during periods of high demand, additional charges will be levied. Those wishing to start mining in Uzbekistan must register with the Uzbek National Agency for Perspective Projects.

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