Uzbekistan Establishes Besqala Mining Valley for Cryptocurrency Mining

Uzbekistan President Shavkat Mirziyoyev has signed a decree to establish the 'Besqala Mining Valley,' a special zone dedicated to cryptocurrency mining. According to Odaily, the initiative aims to promote green energy mining and attract international investment. Miners will be able to sell their crypto assets on both local and international exchanges, with profits directly deposited into domestic bank accounts. Participants in the mining zone will be exempt from income tax until 2035, only required to pay a management fee of 1% of their revenue. The electricity price is set at 1800 soms per kilowatt-hour, with special incentives for projects investing over $100 million. Access to the zone is limited to locally registered companies that possess the necessary power facilities and have passed approval processes. Additionally, responsible individuals must have no record of economic crimes.