Uzbekistan Presents Registration Requirements for Cryptocurrency Miners – Regulation Bitcoin News

Uzbekistan Presents Registration Requirements for Cryptocurrency Miners

Authorities in Uzbekistan have drafted and put ahead for public consultations a algorithm for crypto miners working within the nation. Companies that need to mint digital currencies must register with the federal government and use renewable power.

Uzbekistan Discusses Draft Regulations for Crypto Mining Sector

Entities concerned in cryptocurrency mining might want to register and renew their certificates yearly, in keeping with a draft decree by the director of Uzbekistan’s National Agency for Perspective Projects. NAPP is the nation’s essential crypto watchdog, which is straight subordinated to the administration of President Shavkat Mirziyoyev.

The doc was lately published for public consultations that can proceed till July 9 and have already attracted numerous recommendations. It introduces key definitions pertaining to the economic exercise of digital foreign money extraction, together with for the phrases crypto mining, miner, and mining gear.

The decree states that crypto mining is topic to obligatory registration whereas noting it’s not an exercise that requires licensing. It additionally obliges crypto miners to make the most of electrical energy produced by photovoltaic stations and bans them from offering energy from their provide supply to any third get together.

Bitcoin mining farms may even be allowed to hook up with the nationwide energy grid, to make sure the steady operation of their {hardware}, by a separate electrical energy meter. That applies to the height occasions of consumption, between 5 p.m. and 10 p.m., and likewise at evening, from 10 p.m. till 6 a.m., when they may pay a surcharge.

However, not gaining access to an operational solar energy station, able to generate electrical energy, can be thought of a violation of the principles. The identical applies to “hidden mining,” when another person’s {hardware} is used with out their data, mining at a location totally different from the one specified throughout registration, in addition to minting of “nameless crypto property.”

Certified miners can be required to file info on the transactions with the mined cryptocurrencies with the NAPP, complying with the deadlines and procedures established by the regulatory physique. They is not going to pay tax on the crypto property obtained as revenue. The minted digital cash have to be bought solely on crypto trade platforms registered within the nation, the decree says.

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Crypto, crypto miners, crypto mining, Cryptocurrencies, Cryptocurrency, Electricity, Miners, mining, mining farms, charges, Regulations, necessities, guidelines, solar energy, surcharge, tariffs, Uzbekistan

What’s your opinion in regards to the upcoming crypto mining rules in Uzbekistan? Let us know within the feedback part beneath.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a author is what I’m, reasonably than what I do.” Besides crypto, blockchain and fintech, worldwide politics and economics are two different sources of inspiration.

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