Uzbekistan is developing regulations for cryptocurrency mining activity. – Latest News

the NAPP of Uzbekistan has drawn up regulations on the registration of minors from crypto. The decree exempts all mining assets from taxation and prohibits anonymous currency mining. Additionally, only companies using solar power are allowed to mine cryptocurrencies.

Conditions for minor companies

The National Agency for Prospective Projects (NAPP) of Uzbekistan has established requirements for cryptocurrency miners in the country. It would allow only to companies using solar energy to mine bitcoin (BTC) or other cryptocurrencies.

The normative act, published on the website website of the government on June 24, makes it mandatory to confirm the guidelines for the registration of crypto-asset mining. He designated the July 9 as deadline.

In addition, minors must have photovoltaic solar power plants from which they will draw their energy. The decree also requires that every cryptocurrency miner obtain a certificate. Thus, it must be registered in the national register of cryptocurrency mining companies, which requires a short list of documents. Among other things, it should not take more than 20 days between submission and the final decision of the granting authority. The certificate is valid for one year after registration.

On the other hand, the Uzbek government exempt any cryptocurrency generated from mining operations. However, mining companies will be subject to special tariffs on energy consumption. In addition, trading activities using mining assets will be limited to stock exchanges registered in Uzbekistan. The rule prohibits the mining of anonymous cryptocurrencies.

See more: Russian lawmakers pass law exempting issuers of digital assets from taxes.

Implementing a Single Crypto Regulatory Regime

Moreover, the NAPP recently reformed has been designated as proprietary cryptocurrency regulator for Uzbekistan. This action was one of many that the President Shavkat Mirziyoyev from Uzbekistan took. Indeed, it aims to establish the regulatory environment for cryptocurrencies.

In addition, the country restricts the development of cryptocurrency exchanges by domestic companies. Only cryptocurrency exchanges founded by foreign legal companies have been granted legal status under the law.

In addition, the Uzbek government has recommended a series of laws in 2020. It aims to promote cryptocurrency business in the country. Besides, it plans to create a national mining pool as well as a licensed cryptocurrency market where miners can sell their coins. Additionally, the government is advocating for the implementation of crypto tax exemptions and the creation of a blockchain valley.

To go further: Circle signs a custodial agreement with New York Community Bancorp for its USDC stablecoin.

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Uzbekistan is developing regulations for cryptocurrency mining activity. – Latest News

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