In a ground-breaking move, <a href="https://ultramining.com/news/en/uzbekistan-gears-up-for-crypto-mining-regulation-amid-talks-with-global-exchanges/" rel="noopener noreferrer nofollow">Uzbekistan</a> tightens control over the proliferating crypto market. President Shavkat Mirziyoyev recently sanctioned amendments concerning the licensing of cryptocurrency and <a href="https://ultramining.com/news/en/blockstream-aims-for-bitcoin-profit-with-mining-rig-investment-ahead-of-2024-halving/" rel="noopener noreferrer nofollow">mining companies</a>. Henceforth, essential entities like crypto exchanges, mining pools, and digital asset storage services must procure a license to function legally in the nation, according to <a href="https://bits.media/v-uzbekistane-prinyat-novyy-zakon-o-litsenzirovanii-mayningovykh-i-kriptokompaniy/" rel="noopener noreferrer nofollow">bits.media</a>. 
This initiative, implemented by the National Agency for Advanced Projects of the Republic of <a href="https://ultramining.com/news/en/uzbekistan-gears-up-for-crypto-mining-regulation-amid-talks-with-global-exchanges/" rel="noopener noreferrer nofollow">Uzbekistan</a> (NAPP), enforces a hefty state duty on legal entities engaged in the crypto sector. Consequently, these measures aim to streamline operations and create a secure, structured space for both industry players and investors. 
Stringent penalties await those flouting the new guidelines. Specifically, engaging in unlicensed crypto activities or submitting false documents to secure a license will incur a fine of 300 BRV (approximately $8150). Likewise, <a href="https://ultramining.com/news/en/irkutsk-region-busts-1-000-illegal-crypto-miners-in-a-year-fires-a-major-concern/" rel="noopener noreferrer nofollow">illegal mining</a> operations face a fine of 150 BRV (around $4075). Therefore, these stipulations are expected to deter fraudulent activities and foster an environment of compliance and transparency in the burgeoning industry. 
Furthermore, officials anticipate that the newly minted laws will bolster the nation's economic coffers through industry taxation. Moreover, Uzbekistan's affordable energy rates might lure international <a href="https://ultramining.com/news/en/blockstream-aims-for-bitcoin-profit-with-mining-rig-investment-ahead-of-2024-halving/" rel="noopener noreferrer nofollow">mining companies</a>, solidifying its stance as a hub with explicit rules governing crypto and mining entities. Notably, this move follows recent endorsements of cryptocurrency advancements in the nation, including the issuance of virtual crypto cards and a cryptocurrency depository license. 
In conclusion, Uzbekistan emerges as a forward-thinking nation, keen to delineate clear protocols for crypto enterprises. This strategy not only promises safety for investors but also envisages a fertile ground for the growth of a compliant and prosperous crypto industry. 
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Uzbekistan Sets Precedent with Comprehensive Crypto Regulation

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