Uzbekistan Establishes National Support Zone for Cryptocurrency Mining, Offering Tax Incentives Until 2035
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Uzbekistan Establishes National Support Zone for Cryptocurrency Mining, Offering Tax Incentives Until 2035
According to Cointelegraph, Uzbekistan has established a state-supported cryptocurrency mining zone named “Besqala Mining Valley” in Karakalpakstan, pursuant to a presidential decree signed on April 17, effective as of April 20. Approved mining enterprises may sell their mined digital assets on domestic cryptocurrency exchanges or overseas platforms, or via direct contractual agreements; however, all related revenues must be fully deposited into bank accounts within Uzbekistan. The mining zone grants tax exemptions to入驻 enterprises until January 1, 2035, while requiring them to pay a monthly fee equal to 1% of their mining revenue to the zone’s management authority. The new regulations also permit mining operations powered by renewable energy, hydrogen energy, and grid electricity.
Navigating Web3 tides with focused insightsTechFlow News: According to a Cointelegraph report on April 22, Uzbekistan established a state-supported cryptocurrency mining zone named “Besqala Mining Valley” in Karakalpakstan under a presidential decree signed on April 17, effective as of April 20. Approved mining enterprises may sell their mined digital assets on domestic cryptocurrency exchanges or overseas platforms, or via direct contractual agreements; however, all related revenues must be deposited into bank accounts within Uzbekistan. The mining zone grants tax exemptions to入驻 enterprises until January 1, 2035, while requiring them to pay a monthly fee equal to 1% of their mining revenue to the zone’s management authority. The new regulations also permit the use of renewable energy, hydrogen energy, and grid electricity for mining operations.
