Uzbekistan officials: Encryption miners registration procedures regulations and mining pool operation rules are being formulated

Odaily Planet Daily News Vyacheslav Pak, the first deputy director of the National Prospect Project Agency (NAPP), the cryptocurrency regulator of Uzbekistan, said in an interview that the agency’s experts are currently formulating regulations on the registration procedure of encrypted miners and operating rules for mining pools, as well as assisting Entrepreneurs who wish to issue tokens to attract project investment. Among the initiatives in the legal field, Pak said, would like to emphasize the following points: 1. Consolidate the current licensing system for the activities of service providers for crypto asset trading at the legislative level and incorporate mining into the licensing process; 2. Revision of mining conditions, including expanding the list of authorized alternative energy types; 3. Introduce special regulations on administrative and criminal liability for the illegal circulation of encrypted assets. In addition, the agency has formulated and approved five special legal acts regulating the circulation of encrypted assets: 1. Regulations on the licensing procedures of service providers in the field of encrypted asset circulation; 2. Rules for trading encrypted assets on cryptocurrency exchanges; 3. Implementation rules for cryptocurrency store activities; 4. Regulations on procedures for issuance, registration of issuance and circulation of encrypted assets by residents of the Republic of Uzbekistan; 5. Provisions on the registration procedures for participants of the special supervision system in the field of encrypted asset circulation. Pak added that Uzbekistan prohibits the operation of anonymous crypto assets and their mining as well as hidden mining. This is mainly because the main goal of issuing and distributing anonymous encrypted assets is to minimize the ability to control their transactions, which brings a high risk of using them for illegal settlement and illegal activities. (Forklog)