Uzbekistan Introduces Monthly Fees for Crypto Companies – Regulation Bitcoin News

Uzbekistan’s cryptocurrency companies will have to pay a fee to the state under a new law proposed by the regulator. Fees vary by business activity and can reach as high as $11,000 per month for digital asset exchanges. Failure to pay will result in license suspension.

Uzbekistan crypto operators will be charged a fixed fee for their business activities

Authorities in Uzbekistan have adopted a law requiring entities dealing in cryptocurrencies to make special contributions to the state budget. Proposed by the country’s main crypto regulatory body, the law came into effect after registering with the Ministry of Justice as required.

According to a bill drafted by the National Prospects Project Authority (NAPP) under the President of Uzbekistan, licensed crypto companies will have to pay monthly fees. Different rates are set for different categories of cryptocurrency operators.

For example, cryptocurrency exchanges will face a top tariff of 120 million Uzbekistan soms (about $11,000), while crypto shops will pay about $540, according to Russian crypto news outlet Bits. media is detailed in the report.

Individual miners charge about $270 per month, and mining pools must remit just over $2,700 to the government at current exchange rates. At the same time, custodial service providers can take advantage of a minimum fee of $135.

“Failure to pay fees within one month is grounds for license suspension. According to one of the provisions of the law, if a company fails to pay fees for two months within one year, the license can be revoked.” NAPP deducts 20% of each payment, with the rest going to the government’s coffers.

This year, Uzbekistan authorities have been aggressive in their efforts to regulate the country’s growing cryptocurrency economy. In the spring, President Shavkat Mirziyoyev signed a decree expanding the regulatory framework for digital currency markets in Central Asian countries. He provided legal definitions of crypto assets, exchanges and mining, and assigned supervisory duties to NAPP.

In June, the government of Tashkent presented a set of new registration rules that would require companies and miners involved in digital currency extraction to use renewable energy. NAPP took action in August to block access to foreign crypto exchange sites after a spike in activity on his platform online, which provides crypto services to Uzbekistan without a local license.

What do you think of the new fees that the Uzbekistan government has imposed on cryptocurrency companies? Let us know in the comments section below.

Lubomir Tasev

Lubomir Tasev, a tech-savvy journalist from Eastern Europe, loves what Hitchens says. In addition to cryptocurrencies, blockchain and fintech, international politics and economics are sources of inspiration.