Uzbekistan is taking another major step toward regulating the crypto market and creating a transparent system in this sector. To legalize mining activities and strengthen oversight in our country, «Besqala Mining Valley» a new draft regulation has been developed to establish a special mining zone.
This initiative is expected to open new doors of opportunity for digital economy enthusiasts and investors.
Karakalpakstan — Center for Digital Technologies
According to the new document, this special mining zone will be established in the beautiful region of vast opportunities, the Republic of Karakalpakstan. Entrepreneurs and legal entities wishing to engage in crypto-mining within the zone will be registered under a separate, simplified system.
However, there are certain strict requirements for participating in the project and becoming a resident of the special zone:
Territorial affiliation: Only legal entities officially registered in Karakalpakstan can become full residents of this project.
Precise location: The installation and operation of mining equipment must be carried out only at the address specifically indicated during registration.
Putting an end to «shadow» activities
This draft regulation aims to ensure healthy competition and security in the sector. Therefore, the legislation strictly prohibits the following:
Engaging in shadow (illegal) mining;
Mining anonymous crypto-assets;
Re-introducing previously circulated digital currencies of suspicious origin into the market.
Important information: To legally begin mining activities, entrepreneurs must obtain a special permit. This permit and the certificate confirming resident status will be granted to entrepreneurs for a period of 5 years. is provided.
«Green Energy» and financial oversight
Miners of the new era are required to treat the ecology and energy system with respect. The issue of electricity consumption is reinforced by a separate clause in the document. According to it, for the mining process:
Renewable energy sources (solar and wind power plants);
Hydrogen power plants;
Or, permission is granted to use the unified national power grid in the established order.
Financial flows will also be completely transparent. All funds received from the sale or exchange of digital assets earned through mining must be mandatorily directed to bank accounts in local banks of Uzbekistan. must be.
Security and Prospective oversight
The project also pays serious attention to security issues, requiring that the founders and executives of the company have a clean background and reputation. Individuals accused, convicted, or suspected of terrorism, corruption, economic crimes, or cybercrime will not be allowed to enter this sector.
The operation, regulation, and general oversight of this modern and massive project will be entrusted to the country's leading authority in the field — National Agency of Perspective Projects (NAPP) is assigned to.
There is no doubt that this innovation will take the development of digital technologies in our country to a new level!
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