The Nationwide Company for Perspective Tasks (NAPP), an company that regulates cryptocurrency markets in Uzbekistan, has introduced new directives that require licensed crypto firms to pay a month-to-month payment that can largely go towards the nation’s price range.
An official doc printed on Wednesday however seen on Friday reveals that the brand new rule is registered with the Division of Justice and is efficient instantly.
The regulation set out by the NAPP, the Finance Ministry, and the State Tax Committee of the Republic of Uzbekistan is already in power.
The tariffs to be paid fluctuate primarily based on the kind of companies these firms present. As an illustration, cryptocurrency exchanges are anticipated to pay 120 million soums ($11,000) per thirty days. The doc additionally highlighted proportionally smaller funds required from custodial companies, mining swimming pools, cryptocurrency shops, in addition to particular person miners.
In line with the brand new guidelines, 20% of the month-to-month charges paid by crypto customers and companies will go to the treasury of the NAPP whereas the remainder (80%) will go to the nation’s price range.
Corporations that fail to pay the brand new payment will face penalties together with the suspension of their licenses. “Failure to pay the payment inside one month is grounds for suspension of the license. If the corporate fails to pay the month-to-month payment twice inside a 12 months, the license could also be cancelled,” the doc acknowledged.
Enhancing Oversight in The Market
Final month, Uzbekistan’s crypto regulator blocked entry to worldwide exchanges, as a part of the federal government’s efforts to maintain various fee programs beneath strict management. Blockchain.Information reported the matter.
On August 12, the NAPP blocked overseas exchanges as a result of they had been working within the nation with out the licenses they’re legally required to acquire.
Throughout that incident, Binance change confirmed its companies had been blocked and mentioned it was in negotiations with the federal government about its standing in Uzbekistan.
Efforts to manage the commerce in digital currencies began in 2018 when Uzbekistan legalized crypto buying and selling. In April, President Shavkat Mirziyoyev issued a decree that strengthened guidelines governing the trade, boosting regulation of cryptocurrency buying and selling and mining within the nation.
Beneath the rules, crypto exchanges are required to get a license in Uzbekistan. The NAPP expects as of January 1, 2023, Uzbek residents and corporations to solely conduct transactions with licensed crypto exchanges.
In line with the regulator, licensed suppliers are required to confirm customers’ identities and retailer information about each transaction for 5 years. Forcing these entities to get licenses permits the federal government to trace and tax them.
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