The document provides for mandatory registration of participants in cryptocurrency mining, as well as higher electricity tariffs

Uzbekistan developed rules of operation for miners

28.06.2022 - 08:35

240

1 min

What’s new? Uzbekistan’s National Agency for Perspective Projects (NAPP) has submitted a document containing the basic requirements and rules for miners. Thus, only legal entities will be able to mine cryptocurrencies in the country, green electricity obtained with solar photovoltaic stations should be used during the operation. Public discussions on the “On approval of the Regulations on the procedure for registering the mining of crypto-assets” will continue until July 9.

The full version of the document

What else does the document say? All miners will be subject to mandatory registration with the NAPP with a fee of annual certificates worth around $550. In order to obtain a certificate, miners must provide the NAPP with full information about the legal entity and the equipment used, as well as a list of the assets being mined and crypto wallet addresses.

In addition, the document provides for installing a separate electric energy meter and increased energy tariffs.

In May, the government of Uzbekistan legalized the mining of cryptocurrencies for miners registered as legal entities. The decree also defined a crypto asset as a property right that has a value and an owner and represents a set of digital records in a distributed data ledger. The turnover of digital assets by individuals and companies is not subject to taxation, but the use of cryptocurrencies as a means of payment remains prohibited.

Author:

Michael Golikov Michael Golikov

Subscribe to Getblock Magazine and stay up to date with the latest news from the world of cryptocurrencies and the digital economy