Uzbekistan has just made an announcement that suggests that things are getting tightened up for the cryptocurrency firms in the country.
A new rule has been introduced by Uzbekistan where the cryptocurrency firms operating in the company would be required to pay monthly fees.
Cryptocurrency Companies to Pay Monthly Fees
According to the latest reports, the cryptocurrency firms licensed to operate in the country are required to pay monthly fees.
The official announcement surrounding the implementation of the new rule was made by the Uzbek officials on Wednesday. The officials even shared the document that provides full information surrounding the implementation of the monthly fees.
It is mentioned in the document that the funds raised through the monthly fees collected from the crypto firms would mainly be added to the state budget.
Regulatory Bodies Involved in the New Rule
It has been confirmed that the decision was made by the joint consensus of multiple regulatory bodies. These bodies include the State Tax Committee, the Ministry of Finance, and the National Agency of Perspective Projects of Uzbekistan.
The document also confirmed that the new rule has been implemented with immediate effect so there will be no prior notice or intimation.
The new rule is already in force and any entities operating and offering cryptocurrency services in the country would be required to adhere to it.
Amount Each Entity has to pay
The very first question that comes to mind is how to determine which cryptocurrency firm is required to pay how much. The document also answers the main question confirming that the fees would depend on the kinds of services that each crypto firm offers.
The document also reveals that there will be a base figure that could be implemented on the cryptocurrency companies.
Monthly Fees to be paid by Exchanges
One of the cryptocurrency news publishers has mentioned that a base fee has been set for the cryptocurrency exchanges licensed to operate in the country.
The base price the cryptocurrency exchanges are required to pay on a monthly basis is 120 million Uzbek soums. At the time of current exchange rates, the amount translates to $11,000.
Fees Implemented on other Crypto Companies
Compared to the cryptocurrency exchanges, other cryptocurrency companies would be required to a lower fee. The document defines these companies to be individual miners, mining pools, custodial services, and cryptocurrency stores.
This means that every entity in Uzbekistan interacting with cryptocurrencies would be required to pay the monthly fees.
The Uzbekistani regulators are now making sure that the cryptocurrency ecosystem it builds is local and has no international interference.
This is the reason why the government recently banned all foreign and major cryptocurrency exchanges such as Bybit, FTX, Huobi, Binance, and more.
The country seems to be granting licenses to cryptocurrency exchanges that are based in Uzbekistan. The country is aiming to boost its economy adding 80% of the tax proceeds to its budget.
Therefore, the cryptocurrency exchanges based outside of Uzbekistan would result in the Uzbek Government facing a loss. This is the only way for Uzbekistan to generate higher revenues in the form of monthly fees from local crypto exchanges.