The National Agency for Prospective Projects (NAPP) commented on the established amounts of state fees for issuing licenses to service providers in the field of crypto asset circulation. On December 17, the Ministry of Justice registered the order of the NAPP director.
The fee amounts are indicated in basic calculation values (1 BRC as of October 1 equals 375,000 sums) at the time of license issuance. The following amounts are charged for the issuance of each type of license:
- mining pool – 3,000 BRC (1.125 billion sums);
- crypto shop – 3,700 BRC (1.3875 billion sums);
- crypto depository – 7,000 BRC (2.625 billion sums);
- crypto exchange – 73,400 BRC (27.525 billion sums).
NAPP reports that the sizes and procedures for paying state fees were determined based on a study of global experience and recommendations from international companies operating in this field, including international crypto exchanges and experts from EU countries.
“This amount is determined based on the type of activity of the service provider in the field of crypto asset circulation, which serves as a barrier to the entry of various types of fraudulent projects into the country,” the statement said.
The agency provided an example of Estonia, where since 2017, licenses have been issued to more than 1,500 companies in the field of crypto asset circulation. The price of a license ranged from $1,000 to $1,500 depending on the type of service. However, in 2019, after discovering cases of money laundering, the Estonian authorities tightened requirements for companies, canceling more than 500 licenses.
Today, the crypto sector in Uzbekistan is fully regulated, and there are no obstacles for individuals and legal entities to conduct operations with crypto assets, emphasized NAPP.
“As a result of the work done, in 2024 Uzbekistan ranked a prestigious 33rd out of 151 countries in international ratings in the field of crypto assets, as well as 1st among Central Asian countries,” the agency stated.
The agency requested that media and influencers provide citizens with “accurate and complete information, having first familiarized themselves with all available data on the regulation of the crypto asset circulation sector.”
Crypto Regulation in Uzbekistan
NAPP approved the licensing procedure for players in the crypto sector and the requirements for them in August 2022. According to this procedure, a separate license is required for each of the 4 types of activities of companies.
Service providers must host their servers in Uzbekistan, retain information about transactions and clients for 5 years, and comply with advertising requirements. For crypto exchanges, there are also minimum capital requirements.
Additionally, since September 2022, monthly fees have been in effect for crypto sector players. The last change in their amount occurred in June of this year, when the fee for crypto shops was raised to 185 BRC (69.375 million sums), and for crypto exchanges to 740 BRC (277.5 million sums).
Earlier, Spot reported that a “grey” mining farm in the Samarkand region consumed energy worth 1.8 billion sums.