Uzbekistan to Establish Special Crypto Mining Zone with 10-Year Tax Incentives

According to a report by Golden Finance, on April 23, Uzbekistan will establish a special crypto mining zone in Karakalpakstan, where mining income taxes will be exempt until 2035. Based on a decree issued by Uzbekistan's President Shavkat Mirziyoyev, this zone will be named 'Besqala Mining Valley' and will encompass the entirety of Karakalpakstan, located in the northwest of Uzbekistan. The primary goals of this initiative are to attract investment, create job opportunities, and promote the use of renewable energy in crypto mining. The decree stipulates that mining operations within the zone can utilize various types of renewable energy for power generation. Residents are allowed to sell the mined cryptocurrencies on local or international trading platforms in exchange for cash or other tokens. However, the document also specifies that proceeds from such sales must be deposited into banks within Uzbekistan.