Fun

Uzbekistan increases fees for crypto operations

News Feed - 2024-03-20 11:03:51

Amaka Nwaokocha9 hours agoUzbekistan increases fees for crypto operationsThe National Agency for Prospective Projects anticipates the revenue generated from the sector to double once the new structure is in place.7741 Total views20 Total sharesListen to article 0:00NewsOwn this piece of crypto historyCollect this article as NFTJoin us on social networksUzbekistan’s National Agency for Prospective Projects (NAPP) has issued a new directive to increase the monthly fees for crypto market participants in the country. The mandate was given on Tuesday, March 19, 2024.


According to the official statement, the revised fee framework is an amendment to a directive initiated by the Ministry of Justice in September 2022.


This change follows the NAPP’s assessment of the “adequate profitability” within the cryptocurrency retail and exchange sectors, prompting the introduction of a new fee structure impacting both entities.


Under the updated fee system, crypto exchanges face a monthly fee of 740 basis reference value (BRV), equivalent to 251.6 million Uzbekistani som ($20,015) —the country’s fiat currency — marking a substantial increase from the previous fee of 400 BRV or 136 million som ($10,819). The BRV is primarily used to calculate various financial transactions, including taxes, fees and fines.Screenshot of the official press release updating the crypto fee structure. Source: National Legislative Database of the Republic of Uzbekistan


In contrast, crypto retailers now face a notably elevated fee of 185 BRV per month, or 62.9 million som ($5,003). Previously, the fees for crypto retailers stood at just 20 BRV, which is around 6.8 million som ($540).


According to the NAPP, the modifications aim to boost state revenue from the crypto sector. The agency anticipates the revenue generated from this sector to double once the new structure is in place.


The NAPP also guaranteed that the updated pricing structure would not harm the financial stability of industry service providers. The new structure is scheduled to take effect on June 20, three months after its official publication.


Related:Bitcoin mining restricted to legal entities in Uzbekistan — Regulators


The recent mandate follows closely after the NAPP signed a Memorandum of Understanding with stablecoin issuer Tether.


Under the agreement, Tether will explore, promote and advance blockchain-based innovations in Uzbekistan, including innovations like stablecoins and digital asset tokenization.


As of now, the partnership’s specific details are undisclosed. However, Tether has disclosed plans to collaborate with Uzbekistan’s regulators to establish a legal and regulatory framework for crypto assets in the country.


This development also follows the NAPP’s plans to sue Binance. The agency alleges that Binance operates without a license and hasn’t paid the fines due. Only licensed exchanges are permitted in Uzbekistan, with trading servers mandated to be domestically hosted.


The government of Uzbekistan has restricted the provision of crypto services to licensed cryptocurrency firms since 2023. The first licenses were granted to local crypto firms in November 2022.


Before that, Uzbekistan restricted access to a number of large international crypto exchanges, including Binance, FTX and Huobi, due to accusations of unlicensed activity.


Magazine:Big Questions. Did the NSA create Bitcoin?# Bitcoin# Cryptocurrencies# Law# Government# Cryptocurrency Exchange# RegulationAdd reactionAdd reactionRead morePrice analysis 3/20: BTC, ETH, BNB, SOL, XRP, ADA, DOGE, AVAX, SHIB, TONIs the Bitcoin halving priced in? Analysts compare BTC price targets vs previous halvingsNigerian court orders Binance to disclose all user data

News Feed

DAMX: The Emerging Perpetual Exchange on Fantom
DAMX: The Emerging Perpetual Exchange on Fantom press release PRESS RELEASE. Canada, Alberta – Cryptocurrency has become a hot topic in recent years, capturing the attention o
BRICS Emerges as the World’s Largest GDP Bloc, Propelled by China’s Rapid Expansion
BRICS Emerges as the World"s Largest GDP Bloc, Propelled by China"s Rapid Expansion BRICS, a set of countries grouped as an alternative to the G7, is now the world’s largest
Saudi Arabia plans $40B AI investment fund overseen by a16z: Report
Brayden Lindrea9 hours agoSaudi Arabia plans $40B AI investment fund overseen by a16z: ReportIf the $40 billion fund goes ahead, it would make Saudi Arabia the largest investor in the AI space.3668 Total views18 Total sh
Andrew Singer10 hours agoTerrorist fundraising: Is crypto really to blame?The industry is reeling as governments, legislators, and even investors ask if its networks are being exploited by terrorists. A sense of proporti
Satoshi Versus the ‘Infrastructure Bill’ — Political Permission Not Required
Satoshi Versus the "Infrastructure Bill" — Political Permission Not Required When Satoshi Nakamoto released the Bitcoin white paper in October 2008, it likely
Bitcoin Evolution: Wanna Make $1 Million in 2 Months Like Prince Harry and Meghan Markle? It’s a Scam
Bitcoin Evolution: Wanna Make $1 Million in 2 Months Like Prince Harry and Meghan Markle? It"s a ScamA bitcoin investment scheme has reportedly claimed that Prince Harry and Meghan
The Government Can’t Stand Decentralized Innovations Like Bitcoin, so It Tries to Ruin Them
The Government Can’t Stand Decentralized Innovations Like Bitcoin, so It Tries to Ruin Them Feeding the homeless, affordable medicine, an easy-to-use gas can design, starting a
Tristan Greene4 hours agoBlockchain Capital closes funds totaling $580M for investments in crypto gaming, DeFiThe funds include $380 million for early stage investments and a $200 million "opportunity fund."985
Since 2014, Roughly 42% of Failed Crypto Exchanges Have Disappeared Without a Trace for No Apparent Reason
Since 2014, Roughly 42% of Failed Crypto Exchanges Have Disappeared Without a Trace for No Apparent Reason Just recently, coinjournal.net published a report that shows the number o
Network-Attached Storage (NAS) Devices Infected by Bitcoin-Mining Malware
Network-Attached Storage (NAS) Devices Infected by Bitcoin-Mining Malware A Taiwanese hardware company has warned its clients about a targeted crypto mining atta
CoinTracking Launches Two Powerful, Free Plug-ins for Crypto Traders 
CoinTracking Launches Two Powerful, Free Plug-ins for Crypto Traders Though the top cryptocurrency exchanges offer charts, many don’t offer the analytical features crypto tra
Binance US Adds Staking Services for 7 Different Crypto Assets
Binance US Adds Staking Services for 7 Different Crypto Assets Binance US is now offering crypto staking services and the firm details that seven digital currencies are currently a