Uzbekistan Increases Monthly Fees for Crypto Market Participants
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 was issued on Tuesday, March 19, 2024, in anticipation that the sector’s revenue will double once the new structure is in place.
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.
Under the updated system, crypto exchanges will be subject to a monthly fee of 740 basis reference value (BRV), equivalent to 251.6 million Uzbekistani som ($20,015). This is a significant increase from the previous fee of 400 BRV, or 136 million som ($10,819). The BRV is a standard measure used in financial transactions, including taxes and fees.
Similarly, crypto retailers will experience a notable monthly fee increase, now at 185 BRV per month, or 62.9 million som ($5,003). This is a considerable increase from the previous fee of just 20 BRV, approximately 6.8 million som ($540).
In May 2022, licensed crypto companies in Uzbekistan were mandated to pay monthly fees, primarily allocated to the state budget, per an official document published on Wednesday.
The new regulations, enforced by NAPP, the Ministry of Finance, and the State Tax Committee of Uzbekistan, are already in effect. According to the document, the monthly payment amount varies based on the type of services provided by the firm, along with a base fee determined for crypto companies at the time of payment.
Under the new guidelines, 80% of the monthly fees collected from
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