The Uzbekistan government has released a list of crypto mining requirements, for those that want to continue legally engaging in the activity in the country. Here we have compiled the list into brief summaries to help interested people, companies, and other bodies to understand what is required to mine cryptocurrency in the region.
You may be wondering what this has to do with you, but, even regular people are mining crypto on their smartphone, visit this link to learn explains how you can do this. So, its important to know the following:
10 crypto mining requirements in Uzbekistan
- Crypto miners in Uzbekistan have to register with the National Agency for Perspective Projects, NAPP, and renew their certificate every year.
- The decree that makes crypto mining legal also defines terms like crypto mining, miner, and mining equipment.
- While it mandates that the activity is to be registered, the decree also says that mining does not require licensing.
- Mining in the region can be done only with electricity from photovoltaic stations (alternative power supply) and miners can supply to a third party. Failing to have a access to a solar power station that can generate their own electricity will be in violation of the terms of registration.
- Mining farms can be connected to the country’s power grid but they will have a separate electricity meter at peak times of between 5 p.m. and 10 p.m and 10.pm and 6 a.m. However, miners will have to pay surcharge for this service.
- The electricity rules apply to hidden mining, a term used to describe 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.'”
- Registered miners will file information on their transactions with the crypto they mine with the NAPP.
- Miners are not mandated to pay tax on the crypto assets they receive as income.
- All the coins that are mined must be sold on exchange platforms registered within the country and using an foreign platform would be regarded as a violation.
- The decree document is still open to public suggestions until July 9, you can see the full thing here.
It is likely that this news will increase crypto interest in Asia, just like how there have been huge activities in China and India, despite it not been openly done.
Other crypto mining news from around the world
Uzbekistan joins the few countries in the world that has made it legal to mine crypto. Just days after the news broke, the Bank of Russia was reported to be in talks to also legalize crypto mining in the country. Its main rule for making the activity legal is if the mined coins are sold outside of the country.
The process is still being whispered about but a statement from Kirill Pronin, head of Bank of Russia’s Financial Technologies Department, is giving the story much credence. There are likely many explanations for the change the government’s stance but the sanctions it is facing from several other countries has been rumored to be the reason.
In the US, the political climate is also getting friendlier for crypto mining after Anna Kelles, New York State Assembly member, clarified that her bill was not calling for a ban on the activity. Instead, just like several other lawmakers in the world, Kelles’ bill aims to reduce carbon emission. The plan is to ensure that big companies powering tens and hundreds of computers are not making it difficult for the state to achieve its net-neutral greenhouse gas emissions goals, which it plans to achieve by 2050.
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