Uzbekistan Presents Registration Requirements for Cryptocurrency Miners

According to the draft decree of Uzbekistan’s National Agency for Perspective Projects, cryptocurrency mining entities will have to renew and register their certificates every year. NAPP, the country’s principal crypto watchdog is directly under the administration of President Shavkat Miyoyev.

The document was recently published for public comments that will continue through July 9, and has already received a lot of suggestions. It provides key definitions for digital currency extraction as well as the terms miner, crypto mining, and mining equipment.

While crypto mining is subject of mandatory registration, the decree does not require licensing. The decree also requires crypto miners to use electricity generated by photovoltaic station and prohibits them from supplying power to third parties.

To ensure that their hardware is running smoothly, Bitcoin mining farms will be allowed to connect with the national power grid. This will allow them to use a separate electricity meters. This applies to peak consumption times, between 5 p.m.-10 p.m.; and at night, 10 p.m.-6 a.m. when they will be charged a surcharge.

The rules will not be violated if you don’t have access to a solar power station that is ready to generate electricity. Hidden mining is when someone else’s hardware, including their registration data, is used to mine at a different location than the one they specified. This also applies to minting ‘anonymous crypto assets’

The NAPP will require certified miners to report information about transactions made with mined cryptocurrencies. They must also comply with all deadlines and procedures. They will not have to pay taxes on crypto assets they receive as income. According to the decree, digital coins must be traded only through crypto exchange platforms that are registered in the country.