Uzbekistan Increases Monthly Fees for Crypto Market Participants

The government of Uzbekistan has reportedly increased the monthly licensing fees for cryptocurrency exchanges, digital asset trading platforms, and other crypto market participants. This decision is believed to be part of regulatory efforts aimed at tightening control over the rapidly growing industry and protecting investors from potential risks.

The new fee structure requires all licensed digital currency exchanges based in Uzbekistan to pay higher monthly charges. The exact amount of these fees is determined by the type of exchange activity and its total transaction volume.

The Central Asian country has been trying to establish a solid regulatory framework around the burgeoning blockchain and digital currency space. This comes in response to the global growth and increased risks associated with these rapidly evolving technologies.

It’s understood that the increased fees will be used by the government for regulatory and supervision efforts such as monitoring exchanges, ensuring they comply with anti-money laundering (AML) and combating the financing of terrorism (CFT) laws, and protecting investors.

The Uzbekistan government has been actively encouraging the growth of digital technologies including cryptocurrencies, but it also recognizes the importance of appropriate regulation and oversight to prevent misuse and protect both consumers and the national economic system.

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