Uzbekistan permits crypto mining if powered by solar panels

Uzbekistan permits crypto mining if powered by solar panels
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ECONOMY

Uzbekistan permits crypto mining if powered by solar panels

Uzbekistan's special regime participant is subject to personal income tax with a 7.5% fixed rate.

05/04/2022

Uzbekistan permits miners to mine crypto with solar panels

Solar-powered cryptocurrency mining will become legal in Uzbekistan, Uzbek government announced.

A presidential decree circulated Wednesday stated President Shavkat Mirziyoyev of Uzbekistan declared a new crypto regulatory framework. 

Uzbekistan: Legalization of Solar-Powered Crypto Mining

In 2018, Uzbekistan authorized domestic digital currency exchanges to operate crypto trading. Following the adaptation of crypto trading, the government rolled out sustainable energy projects. 

The new decree highlighted the legalization of crypto mining, yet it required all miners to install own solar panels. 

Uzbek government has provided an alternative for mining companies wanting to connect to a power grid, but with doubled price rate. 

Additionally, the decree pointed out that extra surcharges can be imposed during peak consumption seasons. 

NAPP: Functions and Responsibilities

Acquiring a license for crypto mining is not required. Still the newly formed agency, named National Agency for Perspective Projects (NAPP), must examine, and register the crypto mining companies. 

NAPP is responsible for all cryptocurrency regulation-related projects. Based on the announcement, agency’s mission is to support Uzbek’s Special Crypto Regulation Regime.

The decree mentioned that special regime participant is subject to personal income tax with a 7.5% fixed rate.

Moreover, NAPP must create and implement a unified state policy on digital assets and blockchain. It ensures investors protection and combats illicit activities including terrorist financing. 

By Marielle Petere Wozinga Staff

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