The authorities of Uzbekistan have tightened control in the field of cryptocurrencies - the country has introduced criminal liability for illegal mining and illegal trafficking of cryptoassets.
Legislators expanded the Code of Administrative Offenses of the Republic of Uzbekistan with new articles providing for both administrative and criminal measures.
In accordance with the introduced changes, illegal acquisition, transfer or exchange of crypto assets, as well as the activities of service providers in this area without obtaining a license, now entails administrative arrest for up to 15 days or a fine of 20 to 30 Basic Estimated Values (BVV) for those who cannot be arrested.
Fines have also been introduced for officials who carry out transactions with anonymous crypto assets. For illegal miners, the authorities introduced fines and administrative arrests for up to 15 days.
All these innovations also provide for criminal liability for persons who commit repeated violations after administrative punishment. Illegal circulation of crypto assets committed repeatedly is subject to fines, correctional labor and restriction of freedom.
Since 2019, there has been a ban on paying for services with cryptocurrency in Uzbekistan. Authorities regularly update laws regarding mining and cryptocurrencies, gradually increasing penalties. The day before
The National Agency for Prospective Projects of Uzbekistan (NAPP) announced that the Binance crypto exchange must pay a fine for operating in the country without a license. The amount of the fine issued to the trading platform is 102 million soums ($8,200).
Legislators expanded the Code of Administrative Offenses of the Republic of Uzbekistan with new articles providing for both administrative and criminal measures.
In accordance with the introduced changes, illegal acquisition, transfer or exchange of crypto assets, as well as the activities of service providers in this area without obtaining a license, now entails administrative arrest for up to 15 days or a fine of 20 to 30 Basic Estimated Values (BVV) for those who cannot be arrested.
Fines have also been introduced for officials who carry out transactions with anonymous crypto assets. For illegal miners, the authorities introduced fines and administrative arrests for up to 15 days.
All these innovations also provide for criminal liability for persons who commit repeated violations after administrative punishment. Illegal circulation of crypto assets committed repeatedly is subject to fines, correctional labor and restriction of freedom.
Since 2019, there has been a ban on paying for services with cryptocurrency in Uzbekistan. Authorities regularly update laws regarding mining and cryptocurrencies, gradually increasing penalties. The day before
The National Agency for Prospective Projects of Uzbekistan (NAPP) announced that the Binance crypto exchange must pay a fine for operating in the country without a license. The amount of the fine issued to the trading platform is 102 million soums ($8,200).
