On December 17, Uzbekistan’s Ministry of Justice registered an internal document from the NAPP, setting the state fee for licensing cryptocurrency exchanges, exchangers, and mining pools in the country.
According to the document, the fees are as follows:
- for exchanges — 73,400 BCV (27.5 billion soums or $2.1 million);
- for exchangers [referred to as crypto shops in the law] — 3,700 BCV (1.4 billion soums or ~$108,300);
- for custodial services [crypto depositories] — 7,000 BCV (2.6 billion soums or ~$201,100);
- for mining pools – 3,000 BCV (1.1 billion soums or ~$85,100).
The NAPP noted that the fees were established considering global experience and recommendations from international crypto exchanges. It is expected that this will serve as a barrier against fraudulent projects entering the market.
At the time of writing, two exchanges, three crypto depositories, and nine crypto exchangers are licensed in Uzbekistan.
In March, the NAPP increased monthly fixed fees for crypto companies.
Since May, Uzbekistan has implemented a revised licensing procedure for bitcoin exchanges. Authorities have also approved criminal and administrative penalties for illegal activities related to cryptocurrency mining and usage.