Uzbekistan Raises Fees for Cryptocurrency Market Participants

According to Foresight News, Uzbekistan's National Agency for Project Management (NAPP) has issued a new directive increasing fees for the country's cryptocurrency market participants. Under the updated fee system, cryptocurrency exchanges are required to pay a monthly fee of 740 BRV, equivalent to 251.6 million UZS (the national currency), or approximately $20,015, a significant increase from the previous 400 BRV or 136 million UZS (about $10,819). BRV is primarily used for calculating various financial transactions, including taxes, fees, and fines. Cryptocurrency retailers now face a hefty fee of 185 BRV (about $5,003), up from the previous monthly fee of 20 BRV, or around $540. The NAPP expects that once the new fee structure is implemented, national revenue generated from the crypto industry will double.