National Agency for Prospective Projects of Uzbekistan (NAPP) made public Regulations on the procedure for issuing permits for cryptocurrency mining activities.
According to the document, mining must be carried out exclusively by a legal entity.
The regulator issues a license for a period of five years. To obtain it, companies are required to:
- use of electricity produced by a solar photovoltaic station, except in cases established by law;
- availability of a separate room for equipment installation;
- compliance with requirements in the field of crypto-asset circulation;
- carrying out mining exclusively at the address specified during registration;
- ensuring the technical serviceability of the power supply system;
- availability of an energy consumption meter;
- timely and full payment of taxes and bills.
The resolution also prohibits:
- implementation of hidden mining;
- mining of anonymous cryptocurrencies;
- operating without a license;
- transfer of permission to another legal entity
Firms that have received approval are required to provide information on transactions performed at the request of the authorized body in electronic form.
Companies can sell extracted assets only on crypto exchanges licensed in Uzbekistan.
In total, NAPP has identified 16 stages for legal entities and authorized bodies in the process of issuing permits – from the preparation of relevant documents to approval of the application by the regulator.
On September 6, President of Uzbekistan Shavkat Mirziyoyev signed amendments to legislation, including those regarding mining.
In June, NAPP issued the first license to operate a crypto depository to Lockton Hub.
In August, the regulator approved the operation of the C-BASE crypto store. In the same month, commercial banks Ravnaq Bank and Kapital Bank were allowed to participate in the digital sandbox with the ability to issue cryptocurrency cards.
Source: Cryptocurrency
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