Uzbekistan legalized mining for legal entities

Miners do not need to obtain a special license to operate but they must be registered with the National Advanced Projects Agency

05.05.2022 - 14:55

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What’s new? The government of Uzbekistan has legalized the mining of cryptocurrencies for miners registered as legal entities. Miners do not need to obtain a special license, but they must be registered with the National Agency for Perspective Projects (NAPP), according to a decree from the country’s President Shavkat Mirziyoyev.

Presidential decree

What else does the document say? The government has laid out tax and customs benefits for miners who power their farms through the installation of solar panels. Alternatively, companies can connect to the grid on the condition that they pay double the tariff. However, they may be charged extra during peak consumption periods.

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 will not be subject to taxation, but the use of cryptocurrencies as a means of payment remains prohibited.

What events happened before? At the end of November 2021, residents of Uzbekistan were able to trade digital currencies on the country’s licensed crypto exchanges. This became possible after the National Agency for Project Management (NAPM) under President Shavkat Mirziyoyev amended the rules for trading cryptocurrencies within the country.

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