Uzbekistan raised over $300,000 from the crypto sector

The licensed crypto firm has concluded a payment of 3.5 billion Uzbekistani soms (over $310,000) to its budget during 2022, and Uzbekistan’s regulatory authority revealed this during a press conference, as cited by crypto news outlet Forklog. Was. If we talk, in the briefing, the National Agency of Perspective Projects which is a body under the President, announced the result of its activities and also the officials said that the government will implement the revised licensing system and digital assets. It has been able to raise money and can do so by charging a fee to the businessmen who do the work. Along with this, it was said that 5 crypto platforms are currently authorized to operate legally in the country or they can offer their services legally and expand their services legally and they
The said total has been paid. These are the state-controlled exchange Uznex and four smaller exchanges – Crypto Trade Net, Crypto Market, Crypto Express and Coinpay. Seeing that since October the crypto service providers in the space are required to pay a fixed monthly fee for their activities and this has been considered necessary. These range from over $10,000 for cryptocurrency exchanges like Uznex to around $500 for smaller trading houses, also known as “crypto shops”. At the same time, operations of individuals and organizations related to cryptocurrency transactions are subject to taxation in the Central Asian nation when carried out by prison inmates and companies based in other jurisdictions, according to current law.
However, the government in Tashkent previously warned Uzbekistani citizens to avoid unlicensed services, and in August it restricted attempts to access online trading sites outside the country. If we talk, in November 2021, the people of Uzbekistan had given permission to buy and sell coins on the domestic exchange.
The NAPP also notes that eighty percent of the fee paid by licensed crypto-pharma goes to the state budget while the remaining 20 percent is transferred to their own accounts. At the end of June 2022, the agency introduced a registration requirement for miners who are required to register and who are exempted from taxation. We can say that cryptocurrency mining and trading was regulated with the presidential decree issued 2 months ago.


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