Uzbekistan Passed A Law Requiring Crypto-trading Companies To Pay Fees

Under new regulations suggested by regulators, cryptocurrency enterprises in Uzbekistan would be required to pay fees to the state. The fees vary according to the company’s activity and might exceed $11,000 per month for digital asset exchanges. Failure to pay will result in the suspension of your license.

Uzbekistan authorities have passed legislation requiring firms dealing with cryptocurrency to make special contributions to the state budget. The regulation, proposed by the country’s principal crypto regulating authority, went into effect after being registered with the Ministry of Justice.

According to the bill drafted by the President of Uzbekistan’s National Agency of Perspective Projects (NAPP), approved crypto firms will be required to pay the fees on a monthly basis. Different charges have been established for various types of Bitcoin operators.

For example, crypto exchanges will be charged the maximum fee of 120 million Uzbekistani soum (almost $11,000), while cryptocurrency retailers would pay roughly $540.

Individual miners will pay roughly $270 per month, while mining pools would have to pay somewhat more than $2,700 to the government at current currency rates. Simultaneously, custodial service providers will pay the lowest rate – $135.

The NAPP will deduct 20% of each payment and the rest will go to the government coffers.

“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.

Uzbek officials have been quite active this year in their efforts to control the country’s expanding crypto sector. President Shavkat Mirziyoyev approved a decree in the spring that expanded the regulatory framework for the Central Asian nation’s digital currency sector. It established legal definitions for crypto assets, trade, and mining, and it delegated monitoring to the NAPP.

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