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Uzbekistan increases monthly fees for cryptocurrency market participants

The decision could affect the dynamics of this market in the country and trigger a discussion on the role and regulation of cryptocurrencies in Uzbekistan.

Date: 2024-03-21 Author: Marek Stiller
Uzbekistan increases monthly fees for cryptocurrency market participants

Uzbekistan’s National Agency for Prospective Projects (NAPP) has raised monthly fees for participants in the country’s cryptocurrency market. The directive was issued on Tuesday, March 19, 2024, and is expected to double the industry’s revenue once the new structure is in place.

Increased fees in Uzbekistan

Following an earlier directive from the Ministry of Justice in September 2022, a decision was made to revise the fee structure. Following a review of cryptocurrency exchanges and trading, NAPP introduced a new fee system that changed the cryptocurrency market.

Cryptocurrency exchanges will be subject to a monthly fee of 740 base reference value (BRV), which translates to 251.6 million Uzbek somas or $20,015, according to the updated system. This is a significant increase from the previous fee of 400 BRV, or 136 million som ($10,819). BRV is the standard measure used in financial transactions involving taxes and fees.

Cryptocurrency retailers are also experiencing a significant monthly price increase; they are now paying 185 BRV, which amounts to 62.9 million som, or $5003. This represents a significant increase from the previous fee, which was just 20 BRV, or about 6.8 million som ($540).

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An official statement released Wednesday said that in May 2022, licensed crypto companies in Uzbekistan had to pay monthly fees, mainly to the state budget.

The new regulations, enforced by NAPP, the Ministry of Finance and the State Tax Commission of Uzbekistan, are already in effect. According to the document, the monthly payment amount varies depending on the type of services provided by the company, as well as the basic fee set for crypto companies at the time of payment.

According to the new guidelines, 80% of the monthly fees collected from cryptocurrency users and companies go to the state budget, while the remaining 20% goes to the NAPP treasury. As Forklog reports, failure to comply with the new fee structure could result in penalties, including license suspension.

NAPP works with Tether to improve cryptocurrency market

With these modifications, NAPP expects to double revenues from the cryptocurrency sector. However, the agency guarantees that the updated pricing structure will not threaten the financial stability of industry service providers. The new fee system is set to go into effect on June 20, three months after its official announcement.

In addition to the pricing changes, NAPP recently partnered with stablecoin issuer Tether. The agreement between the two parties aims to foster blockchain-based innovations in Uzbekistan, such as stablecoins and tokenization of digital assets. While the details of the cooperation remain a secret, Tether intends to work with Uzbekistan’s regulators to establish legal standards for crypto assets in the country.

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Marek Stiller
Marek Stiller
Founder of the "Cryptocurrency for Beginners" channel on YouTube. He collaborates with Łukasz to form the Arena Trading group, while at the same time being passionate about blockchain technology. His knowledge and experience in the cryptocurrency industry help beginner investors better understand this dynamic market.
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