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- Uzbekistan’s NAPP mentioned to the country miners that only those companies would be legally allowed to mine the currency that uses solar energy to mine bitcoin or any other cryptocurrency.
- On June 24, some rules were mentioned under the “Guidelines on the registration of the crypto assets mining”.
- To participate in these activities, you need to have a certificate and register in the national registry of crypto mining companies.
Central Asia’s Move Into The Crypto World
The announcement was made by the National Agency of Prospective Projects(NAPP), the regulatory body of Uzbekistan.
This has been marked as one of the examples of countries in Central Asia opening up to this new world of crypto and web3.
But it comes with a few demands too.
Uzbekistan’s NAPP mentioned to the country miners that only those companies would be legally allowed to mine the currency that uses solar energy to mine bitcoin or any other cryptocurrency.
On June 24, these rules were mentioned under the “Guidelines on the registration of the crypto assets mining”.
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But, There Are Some Regulations Too
Though there are a lot of pieces of advice and recommendations in the paper published by the government of Uzbekistan, there are a few non-negotiable statements that every company needs to follow strictly. One of those statements mentioned in the second article of the document is:
“Mining is being carried out only by the legal entity with the use of electric energy, provided by a solar photovoltaic power plant.”
Also, the companies that are participating in and conducting the cryptocurrency mining process should own all the rights of the solar plant that they are going to use for energy and mining purposes.
The order also stated that you need to have a legalized document signed by the government of Uzbekistan mentioning all the governmental rights and permissions to mine bitcoin or whatever currency you are mining.
For that, you need to have a certificate and register in the national registry of crypto mining companies.
The final copy of the documents needs to be submitted within 20 days of signing by the Uzbekistan government, and the certificates are valid for one year.
There are some benefits, too, such as all the cryptocurrency mining through the activities will be spared taxation.
Though, the mining of anonymous cryptocurrencies will not be tolerated.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
