Registration Requirements for Cryptocurrency Miners in Uzbekistan have been given

Entities concerned in cryptocurrency mining will want to check in and renew their certificate every 12 months, consistent with a draft decree by the director of Uzbekistan’s National Agency for Perspective Projects. NAPP is the united states of america’s principal crypto watchdog, which is at once subordinated to the management of President Shavkat Mirziyoyev.

The document turned into lately posted for public consultations as a way to hold till July 9 and have already attracted some of recommendations. It introduces key definitions referring to the economic activity of digital forex extraction, along with for the terms crypto mining, miner, and mining system.

The decree states that crypto mining is challenge to obligatory registration even as noting it is not an pastime that requires licensing. It additionally obliges crypto miners to utilize strength produced by way of photovoltaic stations and bans them from imparting electricity from their deliver supply to any 1/3 celebration.

Bitcoin mining farms will also be allowed to connect to the countrywide strength grid, to ensure the stable operation of their hardware, through a separate strength meter. That applies to the peak instances of intake, between five p.M. And 10 p.M., and additionally at night, from 10 p.M. Till 6 a.M., whilst they will pay a surcharge.

However, now not gaining access to an operational solar electricity station, geared up to generate strength, may be considered a contravention of the regulations. The same applies to “hidden mining,” while someone else’s hardware is used without their understanding, mining at a area unique from the one special at some point of registration, as well as minting of “anonymous crypto property.”

Certified miners could be required to record facts on the transactions with the mined cryptocurrencies with the NAPP, complying with the deadlines and techniques set up with the aid of the regulatory frame. They will now not pay tax at the crypto belongings acquired as income. The minted virtual cash should be offered only on crypto exchange structures registered inside the united states, the decree says.

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