Uzbekistan allowed crypto-mining. But only for legal entities
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Uzbekistan allowed crypto-mining. But only for legal entities

Uzbekistan allows bitcoin mining but only with electricity “produced from a solar photovoltaic plants.” This is in line with the order published on the portal to discuss draft regulatory laws.

The law stipulates that Bitcoin miners must be legal entities and must register with local regulatory authorities. A certificate allowing cryptocurrency mining must be renewed annually by organizations.

The authorities also ban the mining of anonymous crypto-assets, assets that are based on the principle anonymity. The law is still unclear about which cryptocurrencies are considered such.

The legalization of mining does not allow the sale of the mined cryptocurrency in third-party markets. The order states that the miners should implement the cryptocurrencies they have obtained from mining on electronic platforms.

In May, Uzbekistan made public its plans to legalize solar energy mining for the first time. It was then reported that the presidential decree abolished income tax for mining companies that mine cryptocurrency with solar energy.

According to the decree, miners who wish to use grid electricity had to pay twice the fees. Additional fees were also charged for periods when there is high demand. Anyone wishing to begin mining in Uzbekistan should register with the Uzbek National Agency for Perspective Projects.

 

Uzbekistan allowed crypto-mining. But only for legal entities
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