The Government Of Uzbekistan Withdraws Taxes From Domestic Crypto Companies, Here's The Amount!

The Uzbekistan government issued tax rules for the crypto industry. (Photo; Doc. AskCrypto)

JAKARTA The government of Uzbekistan has issued a regulation requiring all domestic crypto industries to contribute to the state budget. In this case, it includes crypto exchange companies and cryptocurrency mining companies. The regulation comes into effect after being registered with the Ministry of Justice.

According to a bill written by the National Perspective Project Agency (NAPP) under the President of Uzbekistan, a licensed crypto company has to pay a fee every month. Different rates have been set for various categories of cryptocurrency operators.

Crypto exchanges, for example, will be subject to the highest tariff of 120 million Uzbekistani soum (nearly 11,000 US dollars) while crypto exchanges will pay around $540, according to a Bits.media crypto outlet report.

Meanwhile, the tariffs for individual miners will cost around 270 US dollars per month and the mining pool will have to transfer to the government at least above $2,700, at the current exchange rate. At the same time, custodial service providers will enjoy the lowest fees 135 US dollars per month.

Failure to pay a fee within one month is the reason for the suspension of permits. If the company doesn't pay a fee of two months a year, the license can be canceled," according to one legal provisions, reported by Bitcoin.com News. NAPP will cut 20% of each payment and the rest will go into the government treasury.

This year, Uzbekistan authorities have been quite active in their efforts to regulate the country's growing crypto economy. In the spring, President Shavkat Mirziyoyev signed a decree expanding the regulatory framework for the Middle Asian country's digital currency market. This provides a legal definition for crypto, exchange and mining assets, and imposes surveillance tasks on the NAPP.

In June, the government in Tashkent presented a new set of registration rules for companies involved in digital currency extraction and required miners to use renewable energy. Following a surge in online platform activity that provides crypto services to Uzbekistanns without permits from local parties, the NAPP took action to block access to foreign crypto exchange sites in August.