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Here’s why crypto firms in Uzbekistan have to pay more

Uzbekistan

Uzbekistan has announced that crypto firms in the country will be subjected to a new monthly levy after regulators agreed upon it. According to the report’s details, the country’s regulators came together to fashion a new bill to see companies dealing in related assets pay a monthly levy. The report claims that the amount charged by the company will depend on the kind of service that the company provides.

Uzbekistan wants crypto firms to contribute to the economy

According to the report, crypto firms in Uzbekistan could pay up to $11,000 depending on the activities that they carry out. The details also showed that firms who go against this directive would be met with a hard stance that could go as high as revoking their operation license.

The country wants crypto firms living across the states to contribute a quota to the national budget. The bill was signed into law after the regulators fashioned it and sent it to the Ministry of justice to be processed. The bill was created by the association of regulators, which the president of the country presently oversees. The report has a set amount the respective companies grouped under the crypto umbrella will pay each month.

Crypto firms risk forfeiture of their license

In a rough report made available, exchanges in the country will be mandated to pay as much as $11,000. Meanwhile, stores and businesses dealing in digital assets will be levied with a compulsory payment of $540. Crypto miners are not left out of the payment party as they would have to part with cash over about $270. Mining pools were also mandated to pay $2,700, considering the present rates at which the dollar would be exchanged for the native currency. Lastly, companies dealing in custodial payments and other services must pay $135 per month.

The report claims that the selected firms risk a suspension on their license to operate in the country if they fail to pay the fees. In addition, they would risk canceling their license should they fail to make the payments in two consecutive months. The official statement noted that the government would take 80% of the fees while the rest would go into the confines of the NAPP. Authorities in Uzbekistan have been on top of regulating crypto activities and the sector as the economy continues to witness a massive influx of companies.

Owotunse Adebayo

Owotunse Adebayo

Adebayo loves to keep tab of exciting projects in the blockchain space. He is a seasoned writer who has written tons of articles about cryptocurrencies and blockchain.

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