Uzbekistan will increase the amount of fees from crypto exchanges and exchangers by 10 times

The changes will come into force three months after the official publication date

20.03.2024 - 12:05

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What’s new? On March 19, the National Agency of Perspective Projects (NAPP) of Uzbekistan announced changes in the amount of monthly fixed fees from cryptocurrency exchanges and exchangers operating in the country. Thus, fees for exchanges increased from 400 to 740 basic calculation values (BRV), for exchangers — from 20 to 185 BRV. The changes will come into effect three months from the date of official publication.

Statement of the NAPP

What else is known? The decision was made based on the results of the analysis of the activities of service providers in the field of digital asset turnover, which showed sufficient profitability of their activities. The changes will allow to increase revenues to the state budget at least twice, while not having a significant negative impact on the financial condition of service providers, the NAPP said in a statement.

Earlier, Uzbekistan toughened responsibility for illegal mining and circulation of cryptocurrencies. Since April 19, the illegal purchase, transfer, or exchange of cryptocurrencies, as well as the activities of service providers in this area without obtaining a license may face a fine of up to 400 BRV and up to 5 years in prison.

On March 15, the OKX crypto exchange stopped operating in Uzbekistan; the company did not disclose the reasons for its decision.

Also in March, the issuer of the largest USDT stablecoin by capitalization announced that it would join the development of crypto regulation and digital national currency in Uzbekistan.

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