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Uzbekistan’s National Agency for Prospective Projects Directive
Uzbekistan’s National Agency for Prospective Projects (NAPP) has announced a new directive to raise the monthly fees for those involved in the crypto market within the country. This directive aims to enhance state revenue from the crypto sector and is projected to double revenue once the new structure is implemented.
Revised Fee Structure for Crypto Exchanges
The decision to revise the fee structure follows an earlier directive from the Ministry of Justice in September 2022. The NAPP reviewed the profitability of crypto trading and exchanges, leading to the implementation of a new fee system affecting the crypto market.
- Crypto exchanges will now be subject to a monthly fee of 740 basis reference value (BRV), equivalent to 251.6 million Uzbekistani som ($20,015).
- Crypto retailers will experience a notable monthly fee increase, now at 185 BRV per month, or 62.9 million som ($5,003).
New Regulations and Enforcement
In May 2022, licensed crypto companies in Uzbekistan were mandated to pay monthly fees, primarily allocated to the state budget. The new regulations, enforced by NAPP, the Ministry of Finance, and the State Tax Committee of Uzbekistan, are already in effect.
Under the new guidelines, 80% of the monthly fees collected from crypto users and companies contribute to the country’s budget, while the remaining 20% is allocated to the NAPP’s treasury. Failure to comply with the new fee structure may result in penalties, including license suspension.
NAPP Partnership with Tether
In addition to fee adjustments, the NAPP recently partnered with stablecoin issuer Tether. The memorandum of understanding between the two parties aims to foster blockchain-based innovations in Uzbekistan, including stablecoins and digital asset tokenization.
Tether intends to work with Uzbekistan’s regulators to establish a legal framework for crypto assets in the country.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
