According to an official document released, Uzbekistan is now licensed in the country. cryptocurrency The majority of their companies will require them to pay monthly fees that will go into the state budget.
Uzbekistan’s Cryptocurrency Rules Are Already Implemented
The new rules set by the country’s National Perspective Projects Agency, the Ministry of Finance and the State Tax Committee of the Republic of Uzbekistan have already come into force.
According to the document, how much a firm has to pay each month depends on the type of service it provides and a base number set for crypto companies at the time the monthly payment is made.
Russian bitcoin and cryptocurrency news publication Forklog puts this amount at 120 million Uzbekistani soums ($11,000) for crypto exchanges.
The document also cites proportionally smaller payments requested from cryptocurrency stores, custodians, mining pools, and individual miners.
The Central Asian country has been attracting attention with the pressure it has applied to cryptocurrencies recently.
The Central Asian country is crashing its local crypto industry. A crypto regulatory framework released in April required crypto exchanges, custodians and mining pools operating in the country to register with regulators.
In August, the country took action to block crypto exchanges like Binance, Huobi, FTX and Bybit, saying local regulations do not allow citizens to trade crypto on foreign platforms.
According to the new rules, 80% of the monthly fees paid by crypto users and companies will go to the country’s budget, and the rest to the treasury of the National Agency for Perspective Projects of the Republic of Uzbekistan (NAPM).
Companies that fail to pay the new fee will face penalties, including suspension of their licenses, Forklog said.
*Not investment advice.
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