In the last few months, many new crypto exchanges have started offering their crypto trading and trading services in Uzbekistan. With this in mind, the regulators have proposed a new law that crypto exchanges must pay monthly fees to continue their service there. Fees vary depending on their business activity and can be as high as $11,000 per month for digital asset exchange companies. And any company that fails to pay the monthly fee will have its license suspended.
Crypto companies have to pay monthly fees in Uzbekistan
According to the reports, Uzbekistan’s regulators and authorities have approved a new law requiring all crypto firms operating there to make a special contribution to the state budget as a monthly payment.
The bill, written by the NAPP under the President of Uzbekistan, requires licensed crypto companies to pay monthly fees based on their business activities to contribute to the state budget. According to the reports, different rates or fees are set for different categories of crypto companies.
Image source: News Bitcoin
According to a report by Russian crypto news outlet Bits.media, one crypto exchange charges the highest monthly fee, which is 120 million Uzbek soms, equivalent to $11,000. In contrast, various crypto stores have to pay around $540. These amounts are not that large and will be reasonable for most exchanges.
Consequences of not paying monthly payments in Uzbekistan
As you know, Uzbekistan has adopted a new law requiring licensed crypto exchanges to pay monthly fees. This is not limited to exchanges but also eligible for miners who pay around $270 per month. The mining pool needs to transfer monthly payments to a government account, which at current exchange rates is a little over $2700. And the security service provider has a minimum monthly fee of around $135.
Companies that fail to pay within one month may have their licenses suspended. Also, if the company does not pay the fee for two months in a year, the license will be revoked.
What are your thoughts on Uzbekistan’s new law on crypto companies? Do you think the monthly fees for the companies should be reduced or not? Let us know in the comments below. And, if you find our content informative, share it with your family and friends.
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