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The Uzbekistan government has recently published a draft of the regulations on the procedure for registering the mining of crypto-assets. While the government is warming up to Bitcoin mining, the regulation prohibits the mining of anonymous currencies while mandating the use of solar power in crypto mining operations.
What sets Uzbekistan’s new regulations governing crypto mining apart from the rest is that it requires the use of solar power. “Mining is carried out exclusively by a legal entity using electricity produced by a solar photovoltaic station,” the draft reads.
Adding a further complication to the solar energy requirement, it appears that crypto miners are further required to own the solar power plant that they will use to power their operations, according to Cointelegraph. One of the requirements for crypto miners is “the presence in the property of an installed and operational solar photovoltaic station ready to generate electricity.”
Bitcoin mining farms are allowed to connect to the national grid to ensure operational stability, according to Bitcoin.com. However, this will only be allowed during the peak period, between 5 p.m. and 10 p.m., and at night, from 10 p.m. until 6 a.m. “with the application of a multiplier of 2 to the established tariff.”
In terms of taxation, the new regulation is friendly for crypto miners as it won’t impose taxes on all mined cryptocurrencies. Income from other sources, however, will still be subject to applicable taxes.
“Crypto-assets received as income as a result of mining are not subject to taxation and are not included in the taxable base,” the decree reads. “Income from other activities carried out by the miner in accordance with the legislation of the Republic of Uzbekistan is subject to taxation in accordance with the generally established procedure.”
The new rules also require miners to sell newly minted tokens via a crypto exchange registered in the country. “Crypto assets obtained during mining must be sold by miners on electronic platforms of service providers in the field of crypto assets circulation, registered in the territory of the Republic of Uzbekistan in the prescribed manner,” the draft added.
Crypto mining is not an activity that requires licensing. However crypto miners are subject to mandatory registration. “Mining is subject to mandatory registration by the registration authority and is not a licensed activity,” the decree stated. “The right to carry out mining arises for a legal entity from the moment the certificate is issued to it. The certificate is valid for one year.”
