Under new legislation proposed by regulators in Uzbekistan, duly licensed crypto companies will now have to pay monthly fees in order to continue operating in the territory.
Crypto companies put to work in Uzbekistan
The authorities of Uzbekistan have adopted a law who obliges structures with an activity related to cryptos to pay special contributions to the state budget. The legislation has already entered into force after registration with the Ministry of Justice according to the media bitcoin.news.
The proposal was drawn up by the National Agency for Perspective Projects (NAPP), designated as the sector’s chief comptroller by an April decree by President Shavkat Mirziyoyev on industry regulation. Its mission: to commit to adopting a “special cryptocurrency regulatory regime” and obviously also to bring money into the state coffers.
From now on crypto companies will therefore be subject to a special regime, which varies according to the nature of their activities.
According to an article by the Russian crypto news site Bits.media, them exchanges crypto would be taxed the most. Their monthly fee is said to be 120 million Uzbek soums (nearly $11,000). Physical crypto businesses would only pay an approximate monthly fee of $540.
With regard to the mining sector, the individual minors will have to pay a monthly fee of approximately $270 while the mining pools will see their bill rise to more than $2700.
The luckiest in history will be child care providers with an additional cost of $135.
In case of non-payment, the ax will fall as stipulated by a provision of the law.
Failure to pay the fee within one month is grounds for license suspension. If the company does not pay the license fee for two months during a year, the license can be cancelled.
The State will receive 80% of the income from these royalties, the remaining 20% going to NAPP to ensure its operating budget.
Uzbek authorities very active on the crypto front
This law comes as the Uzbek authorities have decided to take the crypto subject head on in view of its growth in the country. Within a year, in addition to assigning oversight to Napp, they provided definitions and legal frameworks for crypto assets, trading them, and mining.
Lately, they blocked the access of exchanges crypto operating unlicensed in the country. From January 1, 2023, individuals and companies will only be able to conduct their crypto operations from national service providers who operate in accordance with local regulations, knowing that to date Uzbekistan has only one crypto exchange. regulated: Uznex, an offshoot of the Korean group Kobea. But the situation could change, the essential Binance having already announced that it has laid down solid milestones.
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Uzbekistan imposes a fee on crypto companies, which varies according to their activities – CryptoActu
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