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Uzbekistan Increases Fees for Crypto Market Participants

Uzbekistan has announced new regulations that will double the fees imposed on cryptocurrency exchanges and retailers operating within its borders. The revised fee structure, announced on March 19th by the National Agency for Prospective Projects (NAPP), follows an assessment that crypto firms have attained "sufficient profitability" in the market. The changes modify an earlier mandate established in September 2022 by the Ministry of Justice. The NAPP anticipates that this overhaul will lead to a doubling of state revenues derived from the crypto sector without jeopardizing industry participants’ financial stability. The new fee structure is scheduled to take effect on June 20, 2024, three months after its official publication.

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