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Uzbekistan will establish a special cryptocurrency mining zone, offering a 10-year tax incentive.
BlockBeats News, April 23 — According to The Block, Uzbekistan will establish a special crypto mining zone in Karakalpakstan, with mining income taxes within the zone exempted until 2035.
According to a decree issued by Uzbek President Shavkat Mirziyoyev, this area is named “Besqala Mining Valley” and will cover the entire territory of Karakalpakstan in northwestern Uzbekistan. The main goal of this initiative is to attract investment, create jobs, and promote the use of renewable energy in crypto mining.
The decree states that mining operations within the zone can use various renewable energy sources for power generation. Residents can sell the mined cryptocurrencies on local or overseas trading platforms in exchange for cash or other tokens. However, the document also notes that the proceeds from such sales must be transferred to banks within Uzbekistan.