Uzbekistan will set up a special encrypted mining Kuangqu to provide 10-year tax incentives

On April 23, Uzbekistan will establish a special encryption mining Kuangqu in Karakalpakstan, and mining income tax in this area will be exempted until 2035. According to a decree issued by Uzbekistan President Shavkat Mirziyoyev, this area was named "Besqala Mining Valley" and will cover the entire territory of Karakalpakstan in northwest Uzbekistan. The main goals of the initiative are to attract investment, create jobs, and promote the use of renewable energy in crypto mining. The decree stipulates that mining operations in the Kuangqu can use various renewable energy sources to generate electricity. Residents can sell mined cryptocurrencies on local or overseas trading platforms in exchange for cash or other tokens. However, the document also states that the proceeds of the relevant sale must be remitted to banks in Uzbekistan.