Draft regulation on procedure for registering crypto assets mining in Uzbekistan published

The Single Portal published a draft resolution of the director of the National Agency for Perspective Projects of Uzbekistan “On approval of the Regulations on the procedure for registering the mining of cryptoassets”.

According to the regulation, mining can be carried out exclusively by a legal entity using electricity produced by a solar photovoltaic station, and is also subject to mandatory registration and is not a licensed activity.

A legal entity has the right to carry out mining from the moment it is issued a certificate, the validity of which is one year. Registration will take place in the electronic registry. For the issuance or renewal of a certificate, a fee of 20 BCAs is charged.

At the same time, miners are prohibited from carrying out hidden mining, mining of anonymous crypto assets, mining at an inappropriate address specified during registration and without obtaining a certificate.

Miners can connect to a single electric power system to ensure stable mining by installing a separate electric energy meter. However, this can only be done:

- during the peak period from 17:00 to 22:00, according to the relevant tariffs, taking into account the use of allowances established by the Cabinet of Ministers;
- during the night period from 22:00 to 24:00 and from 00:00 to 06:00, applying a 2-fold increasing coefficient to the established tariff.

Miners who have registered and received a certificate will have to provide information and reporting on transactions with crypto-assets in electronic form in compliance with the deadlines and procedures established by the registering authority. Along with this, miners will pay monthly fees for carrying out activities in the field of circulation of crypto assets.

Crypto assets received as income as a result of mining are not subject to taxation and are not included in the taxable base.

Crypto assets obtained during mining must be sold by miners on the electronic platforms of service providers in the field of crypto asset circulation registered in the territory of the republic.