Gate News message, April 23 — Uzbekistan is establishing a special crypto mining zone called “Besqala Mining Valley” in Karakalpakstan, an autonomous republic in northwestern Uzbekistan, according to a decree by President Shavkat Mirziyoyev. Mining operations in the zone will be exempt from income tax until 2035.
The initiative aims to attract investments, create jobs, and promote renewable energy use in crypto mining. All mining electricity must come from renewable sources. Residents may sell mined cryptocurrencies on local or foreign exchanges, but proceeds must be transferred to Uzbek banks. Mining permits will be issued by the National Agency for Perspective Projects, and residents must pay 1% of monthly mining income to the zone directorate for the Karakalpakstan republican budget. Only legal entities registered in Karakalpakstan are eligible for tax exemption, and all operations must comply with strict anti-money laundering and financial crime prevention regulations.
This policy relaxes Uzbekistan’s previous restrictions on crypto mining, which had limited operations to entities using solar photovoltaic energy only.
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