Cryptocurrency Market Tense as U.S. Bitcoin ETF Decision Looms: Analysts Offer Bullish Projections

ウズベキスタンの仮想通貨情勢を一変させる重要な進展の一環として、国家展望プロジェクト庁（NAPP）は、仮想通貨市場参加者の月額運営手数料の引き上げを目的とした新たな指令を発表した。 2024 年 3 月 19 日火曜日に発表されたこの動きは、このセクターにとって極めて重要な瞬間を示し、次のことを約束します。 source: https://www.cryptopolitan.com/uzbekistans-hiking-fees-for-crypto-operation/

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.

Tether has announced the signing of a memorandum of understanding (MOU) with the National Prospective Project Agency (NAPP), which is responsible for the regulation and development of cryptocurrencies in the Republic of Uzbekistan. This strategic collaboration aims to position Uzbekistan as a central hub for peer-to-peer and blockchain technology, triggering a revolution in innovation and economic growth. The partnership aims to explore and promote the development and adoption of blockchain technology, stablecoins and digital asset tokenization in Uzbekistan, while also stimulating economic growth and innovation in the region.

According to Foresight News, Tether has signed a memorandum of understanding with the National Agency for Project Management (NAPP) of the Republic of Uzbekistan. This strategic partnership aims to position Uzbekistan as a central hub for peer-to-peer and blockchain technology, promoting the development and adoption of blockchain technology, stablecoins, and digital asset tokenization in the country, while stimulating economic growth and innovation in the region. Tether will focus on supporting the development of Uzbekistan's legal framework and regulatory policies for crypto assets, promoting the development and implementation of digital currencies in the country, exploring the potential of asset tokenization mechanisms, analyzing and improving Uzbekistan's digital currency payment infrastructure, and collaborating on educational activities to increase awareness and understanding of blockchain technology and stablecoins.

Odaily Planet Daily News The National Agency for Prospective Projects (NAPP) of Uzbekistan has issued a decree on the licensing of cryptocurrency mining operations, limiting such activities to legal entities. In addition to prohibiting individual miners from operating, NAPP also requires companies to only use solar energy to mine cryptocurrencies such as Bitcoin. However, miners can still use Uzbekistan's unified electricity system under certain circumstances specified in the legislation. The document did not mention the implications of the case. Among other requirements, Uzbekistan’s cryptocurrency regulator requires companies to set up dedicated rooms to install mining equipment and to mine cryptocurrencies only through registered addresses. The rules also require cryptocurrency mining companies to promptly and in full pay mining fees set by regulators. In addition, NAPP also prohibits miners from mining privacy coins. (Cointelegraph)

Odaily Planet Daily News The President of Uzbekistan signed legislative amendments, including mining licenses. Uzbekistan is in the process of supplementing and amending relevant laws to establish new types and sub-types of permitted activities (cryptocurrency exchanges, mining pools, cryptocurrency storage and mining activities). Uzbekistan’s National Agency for Prospective Projects (NAPP) will be responsible for licensing regulations related to crypto assets, and legal entities must pay taxes after obtaining a license. Cryptocurrency service providers operating without a license and unlicensed mining activities will be subject to fines. (Forklog)

Odaily Planet Daily News Vyacheslav Pak, the first deputy director of the National Prospect Project Agency (NAPP), the cryptocurrency regulator of Uzbekistan, said in an interview that the agency’s experts are currently formulating regulations on the registration procedure of encrypted miners and operating rules for mining pools, as well as assisting Entrepreneurs who wish to issue tokens to attract project investment. Among the initiatives in the legal field, Pak said, would like to emphasize the following points: 1. Consolidate the current licensing system for the activities of service providers for crypto asset trading at the legislative level and incorporate mining into the licensing process; 2. Revision of mining conditions, including expanding the list of authorized alternative energy types; 3. Introduce special regulations on administrative and criminal liability for the illegal circulation of encrypted assets. In addition, the agency has formulated and approved five special legal acts regulating the circulation of encrypted assets: 1. Regulations on the licensing procedures of service providers in the field of encrypted asset circulation; 2. Rules for trading encrypted assets on cryptocurrency exchanges; 3. Implementation rules for cryptocurrency store activities; 4. Regulations on procedures for issuance, registration of issuance and circulation of encrypted assets by residents of the Republic of Uzbekistan; 5. Provisions on the registration procedures for participants of the special supervision system in the field of encrypted asset circulation. Pak added that Uzbekistan prohibits the operation of anonymous crypto assets and their mining as well as hidden mining. This is mainly because the main goal of issuing and distributing anonymous encrypted assets is to minimize the ability to control their transactions, which brings a high risk of using them for illegal settlement and illegal activities. (Forklog)

Odaily Planet Daily News Two private banks, Kapital Bank and Ravnaq Bank, have been approved by Uzbekistan's National Prospect Project Agency (NAPP) to participate in the cryptocurrency regulatory digital sandbox. The two banks will issue physical crypto cards backed by Mastercard. On August 14, the NAPP report approved Ravnaq Bank to participate in its pilot. Earlier, in May 2023, the agency confirmed that Kapital Bank will also issue its crypto cards. According to the press release, the Uzbek crypto card will be called UzNEX, and it will integrate a bank account with access to a cryptocurrency exchange port. (Cointelegraph)

Uzbekistan has started requiring local cryptocurrency companies to pay a monthly fee that will go to the state budget, according to official documents. Payment fees depend on the type of service provided and the base set for crypto companies when paying monthly, and companies that fail to pay their fees face penalties including suspension of their licenses.