The National Agency of Perspective Projects has established a new regulatory framework to penalise foreign companies providing unauthorised crypto-asset services to residents.
Based on presidential decrees from July 2017 and July 2018 aimed at developing the national digital economy, the directive authorises the NAPP to levy substantial financial penalties against offshore entities bypassing local licensing laws. Paying these penalties does not absolve companies from further legal liability under Uzbek law.
Penalties are calculated using the national basic calculating amount, which is currently set at 412,000 soums ($34.5). Operating without a legitimate licence carries the heaviest financial burden. Other major...