Uzbekistan Introduces Monthly Fees for Cryptocurrency Companies – The Uzbekistan government has adopted a law requiring cryptocurrency-using entities to make special contributions to the state budget. The regulation, proposed by the country’s main crypto regulatory body, has come into effect following the mandatory registration with the Ministry of Justice.
According to the bill drafted by the National Agency for Prospective Projects (NAPP) under the Uzbekistan president, regulated crypto firms would be required to pay monthly charges. Various categories of cryptocurrency operators have been assigned different tax rates. Crypto exchanges, for instance, would be charged the maximum rate of 120 million Uzbekistani soum (about $11,000), while cryptocurrency stores will pay approximately $540, according to a report from the Russian crypto news outlet Bits.media.
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At current exchange rates, the monthly tariff for individual miners will be approximately $270, while mining pools will be required to transfer somewhat more than $2,700 to the government. Similarly, custodial service providers will be charged the lowest price of $135.
The license is subject to suspension if the fee is not paid within one month. If the fee is not paid for two consecutive months within a year, the license may be canceled according to a provision of the legislation. The NAPP will deduct 20% of each payment, with the rest going to the government.
This year, Uzbekistan authorities have been extremely active in their efforts to control the country’s expanding cryptocurrency economy. President Shavkat Mirziyoyev expanded the regulatory framework for the Central Asian nation’s digital currency market in the spring. It defined legal definitions for crypto assets, trade, and mining, and tasked the NAPP with oversight responsibilities.
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In June, the government in Tashkent introduced a new set of registration requirements for enterprises involved in the mining of digital currencies and mandated the use of renewable energy by miners. In August, in response to an increase in the number of unlicensed online platforms offering crypto services to Uzbekistan, the NAPP blocked access to foreign crypto exchange sites.
