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Uzbekistan will allow companies to mine cryptocurrencies using solar energy in addition to exempting all crypto operations by domestic and foreign companies from income tax, according to a Presidential decree published this week.
Miners Need to Install their Own Solar Panels
The government of Uzbekistan wants crypto miners to power their farms using solar energy. Additionally, mining companies can also be connected to the power grid if they are willing to pay double the regular price. However, during peak consumption periods, extra surcharges can be levied, according to the decree. “No license is required for mining but the company must be registered by a newly formed Uzbek National Agency for Perspective Projects,” the document said. The country's neighbour Kazakhstan, which became the world's second-largest centre for bitcoin mining after the United States last year, cracked down on mining after crypto mining strained its power grid which are mostly dominated by ageing coal power plants.
Uzbekistan’s Special Crypto Framework
Uzbekistan President Shavkat Mirziyoyev set a regulatory framework for the country's crypto industry and assigned a newly renamed Perspective Projects Agency to oversee the industry. The agency, formerly the National Agency for Project Management will develop new policies for crypto and make sure digital assets are not used for money laundering and terrorism financing.