Uzbekistan Raises Fees for Bitcoin Exchanges and Exchangers

The NAPP of Uzbekistan has adjusted the monthly fixed fees for cryptocurrency exchanges and exchangers operating in the country.

The decision followed an analysis indicating sufficient profitability among service providers in the crypto asset sector.

For exchanges, the mandatory fees have increased from 400 BCU to 740 BCU (251.6 million soums or ~$20,015), and for exchangers [referred to as crypto shops in the law] — from 20 BCU to 185 BCU (62.9 million soums or ~$5,000).

NAPP anticipates that these changes will double budget revenues without significantly impacting the financial condition of service providers.

The changes will take effect three months after their official publication.

At the time of writing, two exchanges, two crypto depositories, and ten crypto exchangers are licensed in Uzbekistan.

In May, Uzbekistan will implement a revised licensing procedure for bitcoin exchanges.

Earlier, Uzbek authorities approved criminal and administrative penalties for illegal activities related to cryptocurrency mining and usage, effective April 19.