Earlier in April 2022, the newly-restructured NAPP became Uzbekistan’s exclusive crypto regulator to absorb a special crypto regulation regime in the country. This process came as a row of initiatives released by the Uzbekistan President Shavkat Mirziyoyev to provide the regulatory framework for crypto. But far back as September 2018, Mirziyoyev put forward a law prohibiting local firms from launching their crypto exchanges in Uzbekistan. The law only offered legal status to crypto exchanges established by foreign legal entities.
The National Agency of Prospective Projects (NAPP) in Uzbekistan made its demands known to crypto mining operators. The Bitcoin mining will be given to only companies that are fully armed with Solar energy. Because the mining will strictly with Solar energy.
As stated in the second article;
“Mining is being carried out only by the legal entity with the use of electric energy, provided by a solar photovoltaic power plant.”
The currency generated from mining activities would be freed from tax, though the mining farms would face the special tariffs on the consumed energy set by the Uzbekistan government.
But the trade operations with mined assets would have to be done on the crypto platform registered in Uzbekistan while every mining anonymous crypto would be prohibited.
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Per the normative act of the government on June 24th, referred to the e confirmation of “Guidelines on the registration of the crypto assets mining,” and sets the conclusion date to 9th July.
- To partake in the mining, Miners are advised to get their Solar Photovoltaic power plant ready as a source of energy for the purpose.
- As stated by the executive also, Mining operators should obtain a certificate and register in the national registry for crypto mining companies which demands a brief document and should take no longer than 20 days from submitting to the licensing body.
- The certificate will only frequently be validated yearly after registration.