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Uzbekistan’s NAPP says new fee hike set to ‘double’ state revenue from crypto sector

uzbekistans-napp-says-new-fee-hike-set-to-double-state-revenue-from-crypto-sector
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Uzbekistan’s NAPP says new fee hike set to ‘double’ state revenue from crypto sector

On March 19, the National Agency for Prospective Projects (NAPP) released a new mandate that increases the monthly fees for crypto market participants in Uzbekistan.

According to the official press release, the updated fee structure is a revision to a mandate first established in September 2022 by the Ministry of Justice. The modification came in response to the NAPP’s evaluation of “sufficient profitability” among cryptocurrency retailers and exchanges in the sector. Consequently, the NAPP introduced a new fee structure that affected both entities.

Per the new fee structure, crypto exchanges are now subject to a fee of 740 BRV, equivalent to UZS 251.6 million ($20,015) monthly. This is a significant hike from the earlier fee of 400 BRV or UZS 136 million ($10,819). 

Meanwhile, crypto stores are now subject to a significantly higher fee of 185 BRV, amounting to UZS 62.9 million ($5,003). Earlier, the fees for crypto retailers were just 20 BRV, roughly UZS 6.8 million ($540) per month.

According to NAPP, these modifications are intended to significantly increase state budget gains from the crypto-asset sector. The agency expects the revenue generated from this sector to double once the new structure is in place. 

Interestingly, the NAPP also assured that the new pricing structure will not negatively impact the financial stability of the industry’s service providers.

The new structure is scheduled to take effect on June 20, three months following its official publication.

The new mandate comes just days after the NAPP signed a Memorandum of Understanding (MoU) with stablecoin issuer Tether. As part of the agreement, Tether is expected to explore, promote, and develop blockchain-based innovations in the nation, including innovations like stablecoins and digital asset tokenization.

As of now, the specific details of the partnership remain undisclosed. However, Tether has revealed that it will work with regulators in the nation to create a legal framework and regulatory framework for crypto assets in the nation.

These developments come just a month after reports surfaced that the NAPP will take legal action against cryptocurrency exchange Binance. According to the agency’s deputy director, Vyacheslav Pak, Binance was operating without a license and also refused to pay a fine imposed by NAPP. Only licensed exchanges in the nation are allowed to facilitate crypto trades, and all trading servers are also required to be hosted domestically.