New legislation enacted by Uzbekistan regulators requires crypto companies to pay fees. For digital asset trading platforms, the charges can be as high as $11,000 per month. The fees are subject to change depending on business activity. Licensing will be suspended if you fail to pay.
Fixed fees for crypto operators in Uzbekistan
Uzbekistan has adopted a law to require entities that use cryptocurrencies to pay special state contributions. The legislation, put forward by the country’s main crypto regulatory body, has come into force after registration with the Ministry of Justice, as required.
The bill was authored by NAPP, the National Agency of Perspective Projects. Each month licensed crypto businesses will be responsible for the fees. For different types of crypto operators, rates are set at various levels.
For example, crypto exchanges will have to pay the most tariff at 120 million Uzbekistani souum (approximately $11,000), while stores selling cryptocurrency will only be charged $540. This is according to Bits.media, a Russian crypto news site.
Individual miners will pay a tariff of $270 per month, while mining pools will transfer slightly more than $2,700 to the government at current exchange rates. At the same time, custodial service providers will enjoy the lowest fee — $135.
“Failure to pay the fee within one month constitutes grounds for suspension of the license. If the company does not pay the fee for two months within a year, the license may be canceled,” according to one of the law’s provisions. NAPP will subtract 20% from each payment. The rest will go towards the government.
This year, Uzbek authorities have been quite active in their efforts to regulate the country’s growing crypto economy. In the spring, President Shavkat Mirziyoyev signed a decree expanding the regulatory framework for the Central Asian nation’s digital currency market. This decree defined legal terms for cryptocurrency assets, crypto exchange, and mining. It also assigned NAPP oversight duties.
Tashkent government introduced new registration rules in June for miners involved in digital currency extraction. The NAPP took action in August to stop foreign cryptocurrency exchange websites from accessing Uzbekistanis after there was an increase in crypto-services offered online to Uzbekistanis.
What’s your opinion about the new fees imposed by the government of Uzbekistan on crypto companies? Please leave your comments below.
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