Uzbekistan launches special crypto mining zone with tax breaks

The government of Uzbekistan has officially launched the Besqala Mining Valley, a large-scale special zone for cryptocurrency mining in the Karakalpakstan region. According to Cointelegraph, a presidential decree will grant mining companies operating in the zone sweeping exemptions from corporate taxes and all mandatory payments for the next 10 years. The decree also permits the use of the national power grid, which was previously prohibited, and allows companies to sell their mined cryptocurrencies directly on overseas markets. Uzbekistan stated it aims to attract over $1 billion in foreign investment by 2030 through this initiative and plans to establish an innovative green mining model, such as using waste heat from mining rigs for agricultural purposes.