Uzbekistan Boosts Crypto Market with Revised Fee Structure In a move to bolster its revenue from the
crypto market, Uzbekistan's National Agency for Prospective Projects (NAPP) has announced a significant increase in
monthly fees for industry participants.
The new directive, issued on March 19, 2024, is expected to
double the sector's earnings once implemented, according to NAPP.
Crypto exchanges will now face a monthly fee of 740 basis reference value (BRV), equivalent to $20,015, up from $10,819 previously. Meanwhile,
crypto retailers will see their fees rise from $540 to $5,003 per month.
These changes follow an earlier directive from the Ministry of Justice and are part of Uzbekistan's ongoing efforts to regulate and capitalize on the growing crypto industry.
The updated fee structure is already in effect and will contribute 80% of its proceeds to the state budget, with the remaining 20% going to NAPP's treasury.
Non-compliance with the new regulations may result in penalties, including
license suspension, as authorities aim to ensure adherence.
In a bid to further develop the sector, NAPP has also forged
a partnership with stablecoin issuer Tether. The collaboration aims to foster innovation and establish a solid legal framework for crypto assets in Uzbekistan.
