On March 19, the National Agency for Prospective Projects (NAPP) announced a new mandate that increases the monthly fees for crypto market participants in Uzbekistan. This updated fee structure is a revision of a mandate first established in September 2022 by the Ministry of Justice. The modification came in response to the NAPP’s evaluation of profitability among cryptocurrency retailers and exchanges in the sector. As a result, a new fee structure was introduced that affected both entities.

The new fee structure now subjects crypto exchanges to a fee of 740 BRV, equivalent to UZS 251.6 million ($20,015) monthly, a significant increase from the previous fee of 400 BRV or UZS 136 million ($10,819). Additionally, crypto stores are now subject to a higher fee of 185 BRV, amounting to UZS 62.9 million ($5,003) compared to the earlier fee of 20 BRV, roughly UZS 6.8 million ($540) per month.

According to NAPP, these modifications aim to significantly increase state budget gains from the crypto-asset sector, with the agency expecting the revenue generated to double once the new structure is implemented on June 20, three months following its official publication.

In other news, the NAPP recently signed a Memorandum of Understanding with stablecoin issuer Tether. The agreement involves Tether exploring, promoting, and developing blockchain-based innovations in the nation, including stablecoins and digital asset tokenization. While specific details of the partnership remain undisclosed, Tether has mentioned collaborating with regulators to establish a legal and regulatory framework for crypto assets in the country.

These developments follow reports that the NAPP will take legal action against cryptocurrency exchange Binance for operating without a license and refusing to pay a fine imposed by NAPP. Only licensed exchanges in the nation are permitted to facilitate crypto trades, with all trading servers required to be hosted domestically. Stay updated on the latest cryptocurrency news on Global Crypto News.

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