Fun

Uzbekistan Presents Registration Requirements for Cryptocurrency Miners

News Feed - 2022-06-30 06:06:48

Uzbekistan Presents Registration Requirements for Cryptocurrency Miners


Authorities in Uzbekistan have drafted and put forward for public consultations a set of rules for crypto miners operating in the country. Companies that want to mint digital currencies will have to register with the government and use renewable energy. Uzbekistan Discusses Draft Regulations for Crypto Mining Sector


Entities involved in cryptocurrency mining will need to register and renew their certificate every year, according to a draft decree by the director of Uzbekistan’s National Agency for Perspective Projects. NAPP is the country’s main crypto watchdog, which is directly subordinated to the administration of President Shavkat Mirziyoyev.


The document was recently published for public consultations that will continue until July 9 and have already attracted a number of suggestions. It introduces key definitions pertaining to the industrial activity of digital currency extraction, including for the terms crypto mining, miner, and mining equipment.


The decree states that crypto mining is subject to mandatory registration while noting it is not an activity that requires licensing. It also obliges crypto miners to utilize electricity produced by photovoltaic stations and bans them from providing power from their supply source to any third party.


Bitcoin mining farms will also be allowed to connect to the national power grid, to ensure the stable operation of their hardware, through a separate electricity meter. That applies to the peak times of consumption, between 5 p.m. and 10 p.m., and also at night, from 10 p.m. until 6 a.m., when they will pay a surcharge.


However, not having access to an operational solar power station, ready to generate electricity, will be considered a violation of the rules. The same applies to “hidden mining,” when someone else’s hardware is used without their knowledge, mining at a location different from the one specified during registration, as well as minting of “anonymous crypto assets.”


Certified miners will be required to file information on the transactions with the mined cryptocurrencies with the NAPP, complying with the deadlines and procedures established by the regulatory body. They will not pay tax on the crypto assets received as income. The minted digital coins must be sold only on crypto exchange platforms registered in the country, the decree says. Tags in this story Crypto, crypto miners, crypto mining, Cryptocurrencies, Cryptocurrency, Electricity, Miners, mining, mining farms, rates, Regulations, requirements, rules, solar power, surcharge, tariffs, Uzbekistan


What’s your opinion about the upcoming crypto mining regulations in Uzbekistan? Let us know in the comments section below. Lubomir Tassev


Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration. 400+ Crypto Advertisements Violate Guidelines in India — "Some Influencers Talk About Crypto Without Understanding It" REGULATION | 21 hours ago FBI Arrests 2 Men Planning "Violent" Robbery of Bitcoin Worth Millions of Dollars — They Face 20 Years in Prison REGULATION | 2 days ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleCircle Partners With New York Community Bancorp — Bank to Custody USDC Reserves Next articleMicrostrategy Buys More Bitcoin After SEC Says BTC Is a Commodity — Company Now Hodls 129,699 Bitcoins Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItOman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework


Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)"s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.Following a Brief Fee Spike, Gas Prices to Move Ethereum Drop 76% in 12 Days Argentinian Securities Regulator Launches Innovation Hub to Discuss Regulated Crypto Investments Privacy-Centric Monero Plans for July Hard Fork, Plans Include Ring Signature, Bulletproof Upgrade Australia to List Bitcoin ETF After 4 Clearinghouse Participants Commit to Meet Stringent Margin Terms

News Feed

Amaka Nwaokocha2 hours agoCathie Wood bullish on Bitcoin and AI convergenceThe ARK Invest CEO shares her views on the intersection of Bitcoin and artificial intelligence, highlighting its economic implications.1882 Total
Cardano Price Eyes Recovery Toward $2 As Million-Dollar Whale Transactions Explode On The Network
Este artículo también está disponible en español. The Cardano price has recently rejectedaround the $1.1 price level. Notably, the past three months have been highlighted
Australian regulator claims win over Kraken’s Bit Trade in federal court 
Stephen Katte2 hours agoAustralian regulator claims win over Kraken’s Bit Trade in federal court A court has found Bit Trade offered a product without following design and distribution obligations and acted as a credi
Report: Confirmation of Silvergate’s $8 Billion Deposit Plunge Sees Stock Price Drop by More Than 40%
Report: Confirmation of Silvergate"s $8 Billion Deposit Plunge Sees Stock Price Drop by More Than 40% The price of the crypto-focused bank Silvergate Capital’s shares fell by
Tom Blackstone9 hours agoMultichain victims search for answers in $1.5B exploit as new evidence emergesChinese police may have busted Multichain in a money laundering investigation, but many questions remain, including i
Belgian Regulator Warns of Crypto Scammers That Target Male Tinder Users With Fake ICOs
Belgian Regulator Warns of Crypto Scammers That Target Male Tinder Users With Fake ICOs The Belgian regulator, the Financial Services and Markets Authority (FSMA
World Wide Web inventor predicts VR and spatial computing will transform the internet
Tristan Greene6 hours agoWorld Wide Web inventor predicts VR and spatial computing will transform the internetTim Berners-Lee made no mention of crypto or blockchain but seems bullish on the metaverse.4528 Total views23
David Attlee12 hours agoIndia plans to use crypto tokens in upcoming native web browserThe feature is envisaged as part of the country’s national web browser project.3433 Total views17 Total sharesListen to article 0:0
EU MiCA stablecoin regulations come into effect: Law Decoded
David Attlee4 hours agoEU MiCA stablecoin regulations come into effect: Law DecodedNoncompliant stablecoin issuers could potentially exit the EU market entirely, with a shift toward euro-backed stablecoins as demand pick
Cryptocurrency Law Approved in Brazil — Green Mining Tax Exemptions and Asset Segregation Issues Left Out
Cryptocurrency Law Approved in Brazil — Green Mining Tax Exemptions and Asset Segregation Issues Left Out A cryptocurrency law, which had been in discussion for several months, h
Dogecoin Is ‘Ready To Run Again’ – Analyst Expects 60% Rally
Este artículo también está disponible en español. Dogecoin has entered a consolidation phase, holding below its recent local high of $0.48. Despite showing signs of bulli
GMT Token Pre-sale is Live Now
GMT Token Pre-sale is Live Now PRESS RELEASE. GMT has started the pre-sale of the GMT token. In total 100,000 GMT will be sold in this phase at the price of 1GMT