7.4 C
Tuesday, March 28, 2023

Uzbekistan Presents Registration Requirements for Cryptocurrency Miners

Uzbekistan Presents Registration Requirements for Cryptocurrency Miners – According to a draft directive by the head of Uzbekistan’s National Agency for Perspective Projects, organizations engaged in cryptocurrency mining will need to register and renew their certification yearly. NAPP is the country’s main crypto watchdog that is directly subordinated to the administration of President Shavkat Mirziyoyev.

- Advertisement -

The document was just released for public discussion, and there have already been a few recommendations. The public comment period will last through July 9. It introduces fundamental definitions for terminology like “crypto mining,” “miner,” and “mining equipment” that are relevant to the industrial operation of extracting digital currency.

Also Read: The New Eminem and Snoop Dogg Music Video Showcases Bored Ape Avatars

The decree states that although crypto mining does not call for a license, it is subject to mandatory registration. Additionally, it forbids cryptocurrency miners from utilizing electricity from their supply source to any third party and forces them to use electricity generated by photovoltaic stations.

In order to guarantee the reliable running of their hardware, bitcoin mining farms will also be permitted to connect to the national power system via a separate electricity meter. That applies for the busiest hours of consumption, which are from 5 to 10 p.m., as well as overnight hours of 10 p.m. to 6 a.m., when a surcharge will apply.

- Advertisement -

However, not having access to an operational solar power station, ready to generate electricity, will be considered a violation of the rules. The same holds true for “hidden mining,” which refers to the unauthorized use of another person’s hardware, mining at a site other than the one provided during registration, and the creation of “anonymous crypto assets.”

Also Read: Zimbabwe to Hike Benchmark Rate to 200%, Central Bank Minted Gold Coins to Act as Store of Value

Certified miners will be expected to submit information to the NAPP regarding transactions involving the mined cryptocurrency while adhering to the regulatory body’s deadlines and procedures. On the cryptocurrency assets they received as income, they won’t be taxed. The directive specifies that the issued digital coins may only be sold on domestically authorized cryptocurrency exchange platforms.

- Advertisement -


Please enter your comment!
Please enter your name here

More From Evoclique