Uzbekistan mandates monthly fees for Crypto Firms.
- Blog
- October 3, 2022
Uzbekistan mandates monthly fees for Crypto Firms.
Uzbekistan authorities passed a bill recently that mandates cryptocurrency firms to pay into a fund. The law was proposed by the country’s primary crypto regulating authority and is now in effect after being duly registered with the Ministry of Justice.
According to the law drafted by the National Agency of Perspective Projects (NAPP) under the President of Uzbekistan, approved crypto firms will be required to pay the fees every month. There are different rates assigned to various exchanges.
The maximum tax would be 120mn Uzbekistani soum (about $11,000) for crypto exchanges. And the cryptocurrency merchants will pay about $540. The monthly tax for individual miners would be roughly $270 at the current currency rate. As for mining pools, they will be mandated to deposit about $2,700 to the government. The lowest amount will go to the custodial service providers, i.e., $135. The license will be revoked if the fee is not paid within a month.
The legislation states that failure to pay the fee within a month will lead to the suspension of the license. And not paying the fee for two months in a year, the license may get canceled.
Payments will be reduced by 20% to be forwarded to the NAPP; the remaining 80% will go to the government.
Uzbek officials have been keeping busier, trying to find a way to control their fast-expanding crypto market. Central Asian republic of Uzbekistan President Shavkat Mirziyoyev passed a proclamation in the spring broadening the regulatory framework for the digital asset industry. Cryptocurrency, trade, and mining were defined under the law and gave the NAPP regulatory authority.
