April 22, 2024

Rules for mining pools have been approved

A mining pool is an organization that provides an electronic platform for the consolidation of computing power to support mining activities.

With the adoption of the Order of the Director of the National Agency of Perspective Projects “On Approval of the Rules for the Implementation of Mining Pool Activities” (reg. No. 3507 of 20.03.2024), a mining pool is obliged to ensure:

  • proper functioning of its electronic platform
  • separate accounting of operations of the participants of the mining pool
  • consideration of applications of national and foreign miners for connection to its electronic platform
  • fulfillment of applications of the participants of the mining pool for withdrawal of crypto-assets mined by them in the course of mining on the electronic platform of the mining pool
  • information security of its electronic platform;
  • maintenance of the register of participants of the mining pool
  • backing up all data (on electronic media) on the operations performed by the participants of the mining pool at the end of each day
  • regular improvement of the level of knowledge of the employees of the mining pool and persons engaged by the mining pool under civil law contracts in the field of legislation regulating the activities of the mining pool and other local acts approved by the mining pool (hereinafter – local act)
  • compliance with the requirements for advertising crypto-assets and implementation of its activities stipulated by the acts of legislation.

The electronic platform of the mining pool is prohibited on:

  • making transactions on buying, selling, and (or) exchanging crypto-assets obtained in the course of mining for other types of crypto-assets;
  • storing crypto-assets of the participants of the mining pool, entering crypto-assets previously put into circulation into crypto-wallets of the mining pool and its participants;
  • mining and other operations with anonymous crypto-assets.

A mining pool may not enter into contracts with:

  • individuals – residents of Uzbekistan;
  • persons under 18 years of age;
  • national and foreign miners who have not undergone the identification process,
  • persons included in the list of persons involved or suspected of involvement in terrorist activities or proliferation of weapons of mass destruction, in accordance with the legislation on combating legalization of proceeds of crime, financing of terrorism, and financing of proliferation of weapons of mass destruction.