Uzbek Authorities Introduce New Mining Regulating Rules

Miners in Uzbekistan must now register as a legal entity in order to continue working.

According to the new rules introduced by the National Agency for Advanced Projects (NAPP) of Uzbekistan, miners registered with the NAPP have the right to use only solar energy.

But miners can still connect to the unified power grid of the country, but with a separate meter and only twice a day. In the period from 17:00 to 22:00 according to the relevant tariffs, taking into account the allowances established by the Cabinet. And from 22:00 to 06:00 with the application of a double multiplier to the established tariff.

The validity period of the certificate allowing mining activity will be one year. The cost of processing the document is 20 basic settlement values ​​(at the time of writing, about $553).

To obtain a work permit, miners must submit a package of documents and an application to the NAAPP, have a working solar photovoltaic plant, operate only at the address specified during registration, and report on operations at the request of the regulator.

The package of documents should contain information about the legal entity, mining equipment, a list of crypto assets that are planned to be mined, and wallet addresses.

Miners will have to pay taxes to the state treasury, not for the mined cryptocurrency, but if they have other incomes. These incomes are taxed in accordance with the generally established procedure.

Mining of anonymous crypto assets is prohibited.

So far, the document is posted for public comment, which will last until July 9. After that, it is likely to be accepted on a permanent basis.

By the way, the Turkish authorities are developing legislation that will tighten control over the crypto industry and will likely introduce a tax on some transactions.

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