Monero

April

Read

<div class="cryptonews">
 <p class="is-style-lead">The National Agency for Perspective Projects (NAPP) of Uzbekistan has issued a decree outlining updated requirements for cryptocurrency <a rel="noopener noreferrer nofollow" title="mining" href="https://thebittimes.com/tag/mining.html">mining</a> within the country.</p>
 <p>Uzbekistan’s regulatory body, the National Agency for Perspective Projects (NAPP), has released a decree detailing the requirements for cryptocurrency <a rel="noopener noreferrer nofollow" title="mining" href="https://thebittimes.com/tag/mining.html">mining</a> in the country. The document highlights several key changes and clarifications in the regulatory framework.</p>
 <p>The decree states that only legal entities will be permitted to engage in cryptocurrency <a rel="noopener noreferrer nofollow" title="mining" href="https://thebittimes.com/tag/mining.html">mining</a>, disallowing individual operations. This directive is consistent with previous documents issued by the local government, such as the one in April 2022 signed by President Shavkat Mirziyoyev, which highlighted the same prohibition for local residents regarding cryptocurrency transactions and <a rel="noopener noreferrer nofollow" title="mining" href="https://thebittimes.com/tag/mining.html">mining</a>.</p>
 <figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio">
  <div class="wp-block-embed__wrapper">
   <div class="rll-youtube-player" data-src="https://www.youtube.com/embed/HpDeyqKRVe8" data-id="HpDeyqKRVe8" data-query="feature=oembed"></div>
   <noscript><iframe title="Uzbekistan are forcing Bitcoin Miners to go SOLAR" width="1020" height="574" src="https://www.youtube.com/embed/HpDeyqKRVe8?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" allowfullscreen></iframe>
   </noscript>
  </div>
 </figure>
 <p>Regarding energy sources, the NAPP specifies that companies should predominantly use solar power for their <a rel="noopener noreferrer nofollow" title="mining" href="https://thebittimes.com/tag/mining.html">mining</a> operations. However, the document also mentions that there are conditions under which the unified power system of Uzbekistan can be used, although these conditions are not detailed in the current decree.</p>
 <p>Infrastructure-wise, the NAPP requires companies to establish specific spaces dedicated to mining equipment. All mining operations should take place at the registered addresses of these companies.</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> You might also like: </span> Privacy coins face potential ‘extinction’ but will they survive the wrath of financial regulators?
 </div>
 <p>The NAPP has set clear boundaries concerning the type of cryptocurrencies that can be mined. For example, cryptocurrencies that emphasize transaction anonymity, such as Monero (XMR), are not permitted for mining under the new regulations.</p>
 <p>For a company to engage in <a rel="noopener noreferrer nofollow" title="mining" href="https://thebittimes.com/tag/mining.html">mining</a> activities or services, it is essential to obtain the necessary permits and licenses as stated by the NAPP. The agency has also urged all participants to ensure they operate within the legal framework and to avoid any cryptocurrency-related activities without the required license.</p>
 <p>The finality of this decree is yet to be confirmed. The government has issued several similar documents over the recent years, leading to questions regarding the definitive stance and framework for cryptocurrency mining in Uzbekistan.</p>
 <div class="cn-block-related-link">
  <svg class="cn-block-related-link__icon icon" aria-hidden="true"><use xlink:href="#"></use>
  </svg> <span class="cn-block-related-link__prefix"> Read more: </span> Binance will reportedly delist Monero and privacy coins in Belgium
 </div> <span class="google-news-banner__label">Follow Us on Google News</span>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/uzbekistan-introduces-new-crypto-mining-regulations-tbt65118.html">https://thebittimes.com/uzbekistan-introduces-new-crypto-mining-regulations-tbt65118.html</a></p>

Uzbekistan introduces new crypto mining regulations

TheBitTimes

Other articles published on Oct 4, 2023

Uzbekistan Permits Only Legal Entities to Mine Cryptocurrencies Using Solar Power

South Korea to pilot wholesale CBDC with commercial banks

IMF Introduces New Approach to Assessing Crypto Risks at Country Level

DoJ says lack of US crypto laws no bar to FTX-SBF charges

Chainalysis dismisses another 15% of its workforce due to challenging market conditions.

Users of Friend.tech accuse SIM swapping after over 100 ETH was used up in a single week.

Join our free newsletter for daily crypto updates!