Uzbekistan Introduces Monthly Fees For Cryptocurrency Firms – Bitcoin Regulation News

Crypto businesses in Uzbekistan will have to pay fees to the state under new legislation proposed by regulators. Fees vary depending on trading activity and can be as high as $11,000 per month in the case of digital asset trading. Failure to pay will result in license suspension.

Crypto Traders in Uzbekistan Will Be Charged Fixed Fees for Trading Activities

Uzbek authorities have passed a law that requires entities working with cryptocurrencies to make special contributions to the state budget. The legislation, proposed by the country’s top crypto regulator, came into effect after filing with the Justice Department as required.

According to the draft law drafted by the National Agency for Prospect Projects (NAPP) under the direction of the President of Uzbekistan, licensed crypto companies will have to pay the fees every month. Different rates have been set for different categories of cryptocurrency operators.

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Crypto exchanges, for example, will be charged the highest rate of 120 million Uzbek soums (nearly $11,000) while cryptocurrency stores will pay around $540, Russian outlet detailed. in a report.

The fee for individual miners will be around $270 per month, and mining pools will need to transfer to the government just over $2,700, at current exchange rates. At the same time, child care providers will benefit from the lowest fees – $135.

“Non-payment of the fee within one month constitutes grounds for suspension of the license. If the company does not pay the fee for two months during a year, the license can be cancelled,” according to one of the provisions of the law. The NAPP will deduct 20% from each payment and the rest will go to 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 Mirziyoyev signed an executive order expanding the regulatory framework for the Central Asian nation’s digital currency market. It provided legal definitions for crypto assets, exchange, and mining, and assigned oversight duties to the NAPP.

In June, the Tashkent government introduced a set of new registration rules for companies involved in mining digital currencies and required miners to use renewable energy. Following an increase in activity by online platforms providing crypto services to Uzbekistanis without a local license, the NAPP took action to block access to foreign crypto exchange sites in August.

Keywords in this story

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What is your opinion on the new fees imposed by the government of Uzbekistan on crypto companies? Tell us in the comments section below.

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Lubomir Tassev

Lubomir Tassev is a tech-savvy Eastern European journalist who loves Hitchens’ quote: “Being a writer is who I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Uzbekistan Introduces Monthly Fees For Cryptocurrency Firms – Bitcoin Regulation News

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