Crypto companies in Uzbekistan will have to pay fees to the state under a new law proposed by the regulator. Fees vary depending on business activity and can reach up to $11,000 per month for digital asset exchanges. Failure to pay will result in suspension of the license.
Crypto operators in Uzbekistan will be charged a fixed fee for their business activities
Uzbek authorities have adopted alawrequiring operators of cryptocurrencies to make a special contribution to the state budget. The law, sponsored by the country’s leading crypto regulator, came into effect after registration with the Ministry of Justice was completed.
According to the bill, prepared by the National Agency for Prospective Projects (NAPP) under the President of Uzbekistan, licensed crypto companies will have to pay monthly fees. Different rates are set for various categories of cryptocurrency businesses.
For example, crypto exchanges will be charged the highest tariff of 120 million Uzbekistan sm (almost $11,000) and cryptocurrency stores will pay about $540, Russian crypto news outlet Bits.media detailed in a report.
The tariff for individual miners is about $270 per month, while mining pools will have to remit just over $2,700 to the government at current exchange rates. At the same time, custody service providers would enjoy the lowest tariff of $135.
“Failure to pay the fee within one month will be grounds for suspension of the license; failure to pay for two months within one year may result in revocation of the license,” one of the provisions of the law states. the NAPP will deduct 20% of each payment and The remainder goes to the government coffers.
This year, Uzbek authorities have been very active in their efforts to regulate the country’s growing crypto economy. In the spring, President Shavkat Mirziyev signed a decree expanding the regulatory framework for the Central Asian digital currency market. The decree provides legal definitions for crypto assets, exchanges, and mining, and assigns NAPP a supervisory mandate.
In June, the Tashkent government presented new registration rules for companies involved in digital currency mining, requiring miners to use renewable energy. In response to a surge in activity on online platforms offering crypto services to Uzbeks without a local license, the NAPP took steps in August to block access to foreign crypto exchange sites.
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