Uzbekistan to Establish Special Crypto Mining Zone, Providing 10-Year Tax Exemption

BlockBeats News, April 23rd. According to The Block, Uzbekistan will establish a special crypto mining zone in Karakalpakstan, where mining income tax will be exempt until 2035.

According to a decree issued by Uzbekistan's President Shavkat Mirziyoyev, this area is named the "Besqala Mining Valley" and will cover the entire region of Karakalpakstan in northwestern Uzbekistan. The main goals of this initiative are to attract investment, create job opportunities, and promote the use of renewable energy in crypto mining.

The decree states that mining operations in the zone can utilize various forms of renewable energy for power generation. Residents are permitted to sell the mined cryptocurrency on local or overseas exchanges in exchange for cash or other tokens. However, the document also notes that the proceeds from such sales must be deposited into banks within Uzbekistan.