Individuals in Uzbekistan banned from Mining Cryptocurrency

Individuals in Uzbekistan banned from Mining Cryptocurrency

Uzbek President Shavkat Mirziyoyev signed a bill on the regulation of Cryptocurrencies, which prohibits individuals to mine digital assets.

According to the decree, only legal entities can mine virtual currencies. Miners connected to the unified power system will have to pay double the rate for electricity. The regulatory act also introduces a ban on Mining of anonymous Cryptocurrencies.

From January 1, 2023, residents will have the right to sell and buy digital assets only on platforms belonging to exchanges, mining pools, Crypto stores and cryptodepositories registered in Uzbekistan, which have received licenses from the government. Any transactions involving virtual currencies will not be taxed.

The function of controlling the circulation of Cryptocurrencies was entrusted to the National Agency for Prospective Projects. This agency will monitor the rights of investors, develop mechanisms to combat the illegal use of digital assets and support projects aimed at integrating Blockchain technology into the system of public administration.

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Written by Renat
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