Uzbekistan Greenlights Cryptocurrency Mining with New Regulations

Uzbekistan has taken a pivotal step by sanctioning a procedure for mining permits. As defined by the National Agency for Prospective Projects of the Republic of Uzbekistan (NAPP), the recently unveiled regulation clarifies cryptocurrency mining aspects and the criteria for license attainment, according to rbc.

Mining in the country now mandates an official license. But there’s a catch: operations can only use solar photovoltaic plant-generated electricity. Exceptions to this rule will mean double tariffs on electricity, especially during peak times.

Every crypto mining license will last five years, binding operations to the initially registered address. Miners will also need to sell their mined cryptocurrencies exclusively on Uzbekistan-licensed crypto exchanges. Compliance is strict, requiring a detailed equipment list upon registration, along with a catalog of mined crypto-assets and their receiving wallet addresses.

The new regulation also spells out clear prohibitions. It’s now illegal to engage in hidden mining, mine anonymous coins, or operate from an unregistered address.

Uzbekistan’s aggressive push into the crypto realm doesn’t stop there. In a notable move, the NAACP granted two private banks, Ravnaq Bank and Kapital Bank, permissions to roll out cryptocurrency cards. While initial testing phases are underway, a full launch of these virtual cryptocurrency cards is anticipated by December’s end.