Uzbekistan has introduced monthly fees from cryptocurrency companies - who will pay and how much?

The National Agency for Promising Projects of Uzbekistan (NAPPA) has decided that all licensed companies now have to pay mandatory fees to the budget. This law has already been registered with the Ministry of Justice and is subject to immediate enforcement.

The amounts of monthly fees are fixed, depend on the type of payer and amount to 120 million soums ($11,000) for cryptocurrency exchanges, $2,750 dollars for mining pools, $550 for cryptocurrency stores, $275 for individual miners. The custodial services will have to pay the least - the amount of the fee for them is only $ 135.

At the same time, the most severe measures for non-payment will be taken - a single non-payment will entail the suspension of the license, and failure to pay twice during the year will risk the cancellation of the license.

The funds received as a result of the collection of this tax will be distributed as follows - 20% will go directly to the NAPPA, the remaining 80% - to the state budget.

And this law is far from the first innovation in the field of state regulation of the crypto market in Uzbekistan. Earlier, in August of this year, the regulator restricted access for Uzbek citizens to bitcoin exchanges and exchange services that do not have a license. And from January 1, 2023, both individuals and legal entities will be able to buy, sell and exchange cryptocurrency only through service providers. These include exchanges, mining pools, crypto depositories and crypto shops, and all of them must register with the NAPPA and obtain the appropriate license.

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