The National Agency for Prospective Projects (NAPP) has announced an increase in the fees applicable to participants in the crypto-asset market, on March 19. The resolution, published on Lex.uz, modifies the regulations governing the monthly fees for activities within the crypto-asset turnover sector, which were initially approved in September 2022.
The decision to raise fees stems from the NAPP's assessment of the "sufficient profitability" of crypto exchanges and crypto stores operating within the market. Consequently, adjustments have been made to the fee structure, impacting both crypto exchanges and crypto stores.
Under the amended regulations, crypto exchanges will now be required to pay 740 of minimum wage (equivalent to UZS 251.6 mn, which is $20,015), representing a significant increase from the previous fee of 400 of minimum wage (approximately UZS 136 mn, which is $10,819) per month. Similarly, crypto stores will face a higher fee of 185 of minimum wage (UZS 62.9 mn, which is $5,003), compared to the previous fee of 20 of minimum wage (approximately UZS 6.8 mn, which is $540) per month.
NAPP anticipates that the fee hike will lead to a substantial increase in state budget revenues derived from the crypto-asset sector, with expectations of doubling the current revenue levels. Despite the fee adjustments, NAPP reassures service providers that the changes are not expected to have a significant negative impact on their financial standing.
Earlier Daryo reported that NAPP has established a collaboration with Tether, a prominent player in the digital finance sector. Through a formal Memorandum of Understanding, the partnership seeks to advance the growth of crypto-assets and blockchain infrastructure within Uzbekistan.
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