Uzbekistan Sets Out Requirements for Miners

National Agency for Prospective Projects (NAPP) of Uzbekistan has developed положение on registration for miners.

According to the document, cryptocurrency mining may be carried out only by a legal entity using electricity produced by a “solar photovoltaic station”.

Miners may connect to the unified power grid with a separate meter:

• during peak hours from 17:00 to 22:00 in accordance with the applicable tariffs, taking into account government-set surcharges;
• during the night period from 22:00 to 06:00, applying a twofold multiplier to the established tariff.

Mining must be registered with NAPP. The certificate is valid for one year, and a fee of 20 BRV (as of writing about 6 million soums or around $553) must be paid for its issuance.

To obtain the permit, miners must meet several requirements. For example, to have a working solar photovoltaic power plant, conduct activities only at the address specified during registration, and report operations upon the regulator’s request.

A certificate can be obtained by submitting an application to NAPP. The package of documents includes information about the legal entity, mining equipment, as well as the list of crypto assets planned to be generated and wallet addresses.

The mined cryptocurrencies are not subject to taxation. Other income earned by miners is taxed under the general tax regime.

Additionally, the regulation prohibits mining anonymous cryptocurrencies.

The document is posted for public discussion, which will run until July 9.

Earlier in April, the National Agency for Project Management was transformed into NAPP and vested with full authority to regulate the crypto industry.

From January 1, 2023, Uzbek citizens and legal entities will be able to buy, sell or exchange cryptocurrencies only through service providers. The latter must register the entities in the country and obtain permission from NAPP.

Follow ForkLog’s bitcoin news on our Telegram — cryptocurrency news, prices and analytics.