Upcoming Crypto Mining Regulation in Uzbekistan
Uzbekistan’s National Agency for Prospective Projects (NAPP) is working on new rules for crypto mining and investment through token issuance. The agency is responsible for licensing crypto-related firms and is actively developing guidelines for registering crypto miners and operating mining pools. NAPP also aims to regulate the circulation of crypto assets and incorporate mining into the licensing process. The agency is committed to legislative initiatives and expanding the use of alternative energy sources for mining.
Registered Entities in the Country
NAPP has licensed one cryptocurrency exchange and nine crypto trading platforms. Two banks, Kapitalbank JSC and Ravnak Bank JSC, have been approved to participate in the national digital sandbox for regulations. NAPP has also been in talks with global platforms like Binance, Huobi, and Bybit to potentially set up operations in Uzbekistan. The country has previously blocked foreign platforms from operating without a local license.
Hot Take
Uzbekistan’s move towards regulating crypto mining and investment shows the country’s growing interest in the crypto industry. By establishing clear guidelines and licensing procedures, the government aims to create a supportive environment for crypto-related businesses. With the upcoming Bitcoin halving in 2024, the regulation of mining activities becomes even more crucial. It remains to be seen how these new rules will impact the profitability and growth of the crypto mining sector in Uzbekistan.
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