mining Tag

the PNA of Uzbekistan has drawn up regulations on the registration of minors crypto. The decree exempts all mining assets from taxes and prohibits anonymous coin mining. Furthermore, only companies that use solar energy can mine cryptocurrencies.

Conditions for smaller companies

The National Agency for Prospective Projects (PNA) of Uzbekistan has established requirements for cryptocurrency miners in the country. would allow only to companies that use solar energy mine bitcoin (BTC) or other cryptocurrencies.

The normative act, published on the site website of the government on June 24, requires the confirmation of the guidelines for the registration of cryptoactive mining. He appointed the July 9 as the deadline.

In addition, minors must have photovoltaic solar power plants from which they draw their energy. The decree also requires that every cryptocurrency miner obtain a certificate. Therefore, you must be registered in the national registry of cryptocurrency mining companies, which requires a short list of documents. Among other things, no more than 20 days should elapse between submission and the final decision of the granting authority. The certificate is valid for one year after registration.

On the other hand, the government of Uzbekistan exempt any cryptocurrency generated from mining operations. However, mining companies will be subject to special rates for energy consumption. In addition, trading activities using mining assets will be limited to stock exchanges registered in Uzbekistan. The rules bans anonymous cryptocurrency mining.

See more: Russian lawmakers pass a law exempting digital asset issuers from taxes.

Implementation of a single cryptographic regulatory regime

In addition, the PNA recently refurbished has been designated as proprietary cryptocurrency regulator for Uzbekistan. This action was one of many that the President Shavkat Mirziyoyev from Uzbekistan took. In fact, its goal is to establish the regulatory environment for cryptocurrencies.

In addition, the country restricts the development of cryptocurrency exchanges by domestic companies. Only cryptocurrency exchanges founded by foreign legal companies have been granted legal status under the law.

In addition, the Uzbek government has recommended a series of laws in 2020. Its objective is to promote the cryptocurrency business in the country. Additionally, it plans to create a national mining pool, as well as a licensed cryptocurrency market where miners can sell their coins. Furthermore, the government advocates for the implementation of crypto tax exemptions and the creation of a blockchain valley.

To go further: Circle signs a custody agreement with New York Community Bancorp for its USDC stablecoin.

Iranian authorities plan to shut down oil extraction facilities crypto under License as electricity consumption in the country reaches an all-time high. The Islamic Republic’s Ministry of Energy said the mines would be without power on Wednesday.

The activities of legal minors in Iran stopped again.

reported by him Tehran TimesMustafa, spokesman for the Ministry of Energy rajabi Mashadi, the news came out. Soon, minor authorized companies will be forced to disconnect their energy-intensive equipment. The new decision will come into force June 22.

He noted that the measure applies to 118 licensed mining operations currently operating in the Islamic Republic. Temporary restrictions will come after the country has accomplished a record 62,500 megawatts (MW) Of electricity This only during peak hours last week.

According to the local calendar, electricity demand is expected to exceed 63,000 megawatts for the week ending Friday. Department of Energy officials called the numbers significant and warned they would lead to limited power supply across the country.

To go further: Russia will not allow crypto payments on its territory.

Iran’s low electricity cost draws miners’ interest

Tehran authorities legalized cryptocurrency mining as an industrial activity in 2019. Since then, dozens of companies have requested licenses from the Ministry of Industry to start mining the digital currency. This is to take advantage of low-cost energy provided by Iranian power plants.

Additionally, a growing number of Iranians are building mining facilities that use subsidized domestic electricity to extract. However, this further increases burden on Iran’s power generation industry. The latter faces serious problems due to lower than expected rainfall and increased demand due to hot weather. A report published in May showed that almost 7,000 illegal crypto farms had collapsed in Iran.

L’increase in electricity consumption in mines have been due to power shortages. So even licensed miners were ordered to close last summer. They were allowed to resume operations in September, but have they have asked again to suspend their activities in the face of growing power shortages during the cold winter months.

To discover: Visa announces the launch of its first crypto cards in Latin America.

Feeds today on the chat platform United RussiaRussia’s Deputy Minister of Industry and Trade has revealed the steps the country is taking to regulate cryptocurrency mining. He talked about the development of blockchain technology and the regulation of digital financial assets.

Mining: an energy activity.

Although mining activity is in the gray zone, the extraction of crypto would consume more of them% of Russia’s total electricity. This is a consumption that gives way to the energy appropriation of total consumption for agriculture. Incidentally, negotiations to legalize cryptocurrency mining in Russia began after a proposal to ban all cryptocurrency activity in the country a This is published in a report by the country’s central bank.

Russian Prime Minister, Michael Mishustin, to reveal that the government and the Central Bank agree on banning cryptocurrency as legal tender. This despite mining activity being discussed.

According Chpak, cryptocurrencies are currently in a gray area. Also, their high power consumption makes them worthy of being considered as an industrial activity. according to him, “The mining industry is recognized, regulated and integrated into industrial activity”.

Bonus: Anchor protocol vulnerability allows a user to easily access $800,000.

Cancellation of the amnesty promise for minors from crypto

A draft law “On mining in the Russian Federation” was submitted to the State Duma in April. In general, the text of the bill has not changed. However, some paragraphs were found to be missing. The bill requires all users of crypto and the country’s miners register. In addition, it is registered entities that can obtain the ministries. An amnesty program has been put in place to allow registered minors to clear customs.

Less than a month later, the crypto-mining bill was redone. The new bill saw several missing key points in the first draft. According to the document, the paragraphs on the establishment of a mining register for registered users and the promise of amnesty for registered users. Furthermore, the“Lack of mining registration” means that there are standard procedures for business registration. The promise of amnesty to this abandoned, because it could “eventually cost the federal budget”.

Read also: This is the success point of a “graduated approach” for the issuance of a CBDC in 2022-23.