Violet Vallaya
Uzbekistan’s National Agency for Prospective Projects (NAPP) has set its sights on enhancing revenue streams from the burgeoning cryptocurrency market.
In a move announced on Tuesday, March 19, 2024, the agency, the authorized body for the development of the circulation of crypto-assets, capital market, insurance, and e-commerce, released a new directive to overhaul the fee structure for crypto market participants across the country. The mandate, poised to take effect on June 20, 2024, signifies a significant shift in the financial landscape of Uzbekistan’s crypto sector.
The updated fee framework, introduced as an amendment to a directive initiated by the Ministry of Justice in September 2022, brings forth substantial revisions impacting both crypto exchanges and retailers.
Under the new system, crypto exchanges will face a monthly fee of 740 basis reference value (BRV), equivalent to 251.6 million Uzbekistani som ($20,015), representing a notable increase from the prior fee of 400 BRV or 136 million som ($10,819). Similarly, crypto retailers now confront an elevated fee of 185 BRV per month, or 62.9 million som ($5,003), a significant rise from the previous 20 BRV or approximately 6.8 million som ($540).
The rationale behind this fee hike, as articulated by the NAPP, is to augment state revenue from the crypto sector. The agency foresees a doubling of revenue generated from this domain once the updated fee structure comes into effect.
Despite these fee adjustments, the NAPP assures industry stakeholders that the financial stability of service providers within the crypto sector will remain intact.
The NAPP’s directive to increase monthly fees for crypto market participants marks a pivotal development in Uzbekistan’s approach to regulating its cryptocurrency sector. As stakeholders brace for the impact of these fee revisions, all eyes remain on the anticipated outcomes once the new structure takes effect in June 2024.
