The President of Uzbekistan, Shavkat Mirziyoyev, has signed amendments to legislation that will allow the government to issue licenses for cryptocurrency mining, Turanews.kz reports.
The amendments, which were published on the website of the presidential press service, state that the National Agency for Prospective Projects (NAPR) will be the regulator of the cryptocurrency sector in Uzbekistan. The NAPR will be responsible for establishing the procedure for licensing and permitting cryptocurrency mining activities, as well as setting the amount and procedure for paying state fees for licenses.
The amendments also define mining and the activities of service providers in the field of cryptocurrency turnover as types of activities in the field of cryptocurrency turnover. The types of service providers identified are a cryptocurrency exchange, a mining pool, a cryptocurrency depository, and a cryptocurrency store.
The amendments are expected to contribute to the development of the circulation of cryptocurrencies in Uzbekistan and to improve the licensing system in this area.
“The issuance of licenses for cryptocurrency mining is a necessary step to regulate this activity and protect investors. The NAPR will ensure that all cryptocurrency mining activities are conducted in accordance with the law.”, said a government official.
Uzbekistan has been a relatively welcoming environment for cryptocurrency mining in recent years. In 2018, the government exempted cryptocurrency mining from income tax. However, in 2020, the government imposed a ban on cryptocurrency mining, citing environmental concerns. The ban was lifted in 2022, and the government has since been working to regulate the cryptocurrency sector.
