Cryptocurrency companies paid 3.5 billion soums in taxes to Uzbekistan in 2022

“As you know, at the end of April 2022, by the decision of President Shavkat Mirziyoyev, the National Agency for Project Management was transformed into the National Agency for Prospective Projects.

This transformation made it possible to optimize the tasks and functions of the agency and fully focus on the development of the circulation of crypto-assets, as one of the promising areas, which, in our opinion, will become a new branch of the economy in the future,” said Vyacheslav Pak, First Deputy Director of the agency.

Based on the results of the implemented initiatives, the national market of crypto-assets has been institutionally expanded, in particular, through the introduction of new types of service providers. In particular, 4 licenses were issued for the operation of a crypto store, which are the first legal crypto stores in the CIS and Central Asia.

Updating the licensing system and introducing a new scheme for paying fixed fees for activities in the field of circulation of crypto-assets provided an additional 3.5 billion soums to the budget.

The representatives of the agency emphasized that a special priority is to ensure compliance with the requirements of international standards for combating money laundering and the financing of terrorism, the introduction of mechanisms to protect the rights of investors and prevent the use of crypto-assets for illegal purposes.

According to Forklog, at the moment the UzNEX exchange and four crypto stores – Crypto Trade NET, Crypto Market, Crypto Express and Coinpay – have received a license in Uzbekistan.

By law, cryptocurrency service providers pay monthly fixed fees to the budget. For exchanges, the amount is 400 BCA, and for crypto shops – 20 BCA.

80% of fees are transferred to the budget, and the remaining 20% – to the treasury personal accounts of NAPP in a commercial bank.