Uzbekistan has approved a new regulation for cryptocurrency mining

The National Agency for Prospective Projects (NAPP) in Uzbekistan has come up with new regulatory guidelines entitled “Guidelines for the Registration of Cryptoactive Mining”, which have been officially approved by the government and are expected to enter into force on 9 July this year. Thanks to the new guideline, Uzbekistan supports the extraction of cryptocurrencies and at the same time significantly reduces it. The official document describes the conditions necessary to meet in order for crypto enthusiasts to benefit. It says:

“Mining is being carried out only by the legal entity with the use of electric energy, provided by a solar photovoltaic power plant.”

The document goes on to say that if someone wants to start mining cryptocurrencies, they should own their own solar power plant, which complicates the whole process even more. At the same time, they should be registered in the national register of cryptocurrency mining companies, which prolongs the whole process even more, given that the whole process can take up to 20 days. As far as taxes are concerned, all remuneration from mining operations will not be taxable. However, the government has decided to introduce tariffs on energy consumption, while the extraction of anonymous cryptocurrencies is banned in the state.