Crypto firms in Uzbekistan will have to pay fees to the state under new legislation proposed by regulators. The charges vary depending on the business activity and can reach $11,000 a month in the case of digital asset exchanges. Failure to pay will result in license suspension.
Crypto Operators in Uzbekistan to Be Charged Fixed Fees for Their Business Activities
Authorities in Uzbekistan have adopted a law which obliges entities working with cryptocurrencies to make special contributions to the state budget. The legislation, put forward by the country’s main crypto regulatory body, has come into force after registration with the Ministry of Justice, as required.
According to the bill authored by the National Agency of Perspective Projects (NAPP) under the President of Uzbekistan, licensed crypto companies will have to pay the charges each month. Different rates have been set for the various categories of cryptocurrency operators.
Crypto exchanges, for example, will be charged the highest tariff of 120 million Uzbekistani soum (almost $11,000) while cryptocurrency stores will pay around $540, the Russian crypto news outlet Bits.media detailed in a report.
The tariff for individual miners will be around $270 per month and mining pools will have to transfer to the government a little over $2,700, at current exchange rates. At the same time, custodial service providers will enjoy the lowest fee — $135.
“Failure to pay the fee within one month constitutes grounds for suspension of the license. If the company does not pay the fee for two months within a year, the license may be canceled,” according to one of the law’s provisions. The NAPP will deduct 20% of each payment and the rest will go to the government coffers.
This year, Uzbek authorities have been quite active in their efforts to regulate the country’s growing crypto economy. In the spring, President Shavkat Mirziyoyev signed a decree expanding the regulatory framework for the Central Asian nation’s digital currency market. It provided legal definitions for crypto assets, exchange, and mining, and assigned oversight duties to the NAPP.
In June, the government in Tashkent presented a set of new registration rules for companies involved in the extraction of digital currencies and obliged miners to use renewable energy. Following a spike in activities of online platforms providing crypto services to Uzbekistanis without a local license, the NAPP took measures to block access to foreign crypto exchange sites in August.
What’s your opinion about the new fees imposed by the government of Uzbekistan on crypto companies? Tell us in the comments section below.
Source: Regulation Archives – Bitcoin News
Cardano Price Prediction – How High can ADA Price reach by 2025?
How far can Cardano rise by 2025? Let’s take a look at Cardano price prediction in this article.
In recent years, Cardano has been one of the most popular and successful cryptocurrencies on the market. The Cardano network is characterized by its technical prowess and long-term innovation. Many investors think that Cardano will soon replace Ethereum. How far can Cardano rise by 2025? Let’s take a look at Cardano price prediction in this article.
What is Cardano?
Cardano is a blockchain network that offers a better rebalancing of security, decentralization, and expandability. Cardano utilizes the extremely effective Proof-of-Stake consensus protocol. The Cardano network token is recognized as ADA.
The cryptocurrency was created in 2017 and has rapidly grown in popularity among investors. As a result, the ADA token managed to climb into the top ten cryptocurrencies in terms of market cap. Cardano benefits so much from the fact that the blockchain is being evolved in full compliance with scientific methods. As a result, the Cardano blockchain is continuously the most technically sophisticated blockchain.
How has the Cardano price recently performed?
Within the bull market, Cardano’s ADA token reached an all-time high in 2021. The ADA price went up to more than three dollars in September 2021. As a result, the price was compelled to accept losses once more. These damages were observed between September and November 2021, before the start of the significant bear market.
Cardano’s losses proceeded after the bear market started in November. The ADA price was only $1.37 at the beginning of the year. The price continued to drop in the subsequent months. Cardano only managed to recover from a low of $0.43 in early July 2022. We have seen a decrease in the ADA price in recent weeks. The ADA price is currently $0.3141 at the time of writing.
Are Cardano’s massive losses significant?
Cardano’s failures have been exorbitant in recent months. As of September 2021, the ADA token has dropped in value. Earlier, the price had shot through the roof because smart contracts were being established on the Cardano blockchain at the time. As a result, the ADA price was able to undergo a significant rise to three dollars.
On the one hand, the losses up to November were the result of a rebound effect following massive gains earlier. On the other hand, there was a significant amount of excitement surrounding modern blockchains like Solana and Avalanche. These were the main rivals to Cardano and were differentiated by incredibly fast transaction speeds. As a result, these projects soared while Cardano slipped.
Then, beginning in November, the bear market had the greatest impact on Cardano’s losses. The network actually witnessed significant expansion at the time, with Cardano addresses reaching new levels. We continue to see very positive trends at Cardano, even though the price does not recognize this.
What is Cardano’s next big development?— Cardano Community (@Cardano)
The Cardano ecosystem is constantly expanding. However, one component is currently missing: its own stablecoin. As a result, the DJED algorithmic stablecoin is now slated to launch in January 2023. This could boost the appeal of Cardano for possible future decentralized applications.
In January 2022, Cardano founder Charles Hoskinson had already scheduled to open the DJED. Even so, the timeframe of 2022 is just missed, so the stablecoin will not be able to operate until the new year of 2023. Even so, delays are prevalent with Cardano, and investors have gotten accustomed to longer wait times. Rather than speed, Cardano relies largely on wanting to avoid quantifiable mistakes.
Who is responsible for the DJED stablecoin?
The Cardano stablecoin is supported by the companies COTI and Input Output. They also started the Cardano project. DJED is an algorithmic stablecoin. This implies that deposits in the form of other cryptocurrencies can be utilized to secure the price.
Tether (USDT), USD Coins (USDC), and Binance USD (BUSD) are conventional stablecoins that ensure a 1:1 correlation to the US dollar by being supported by central liquid assets. Algorithmic stablecoins, on the other hand, can be organized and decentralized.
What are the DJED’s reservations?
Since the implosion of Terra, the idea of algorithmic stablecoins has been heavily criticized (LUNA). Terra’s downfall started when the LUNA token could no longer keep the significance of the in-house stablecoin TerraUSD stable at the US dollar level. As a result, many investors are extremely skeptical of the notion. Due to the known reservations, Cardano aims to slowly introduce the DJED and continue building trust in the stablecoin.
Cardano Price Prediction: Can the stablecoin bring the ADA price up?
Cardano’s new stablecoin is an interesting development. Even so, it is hard to predict whether the ADA price will go up during the introduction period. Above all, for the ADA price to go up, the total market would have to start rising. Nevertheless, this is certainly plausible for next year. The ADA price is currently so low that an investment may be beneficial in the long and medium term.
Cardano Price Prediction: How high can Cardano reach by 2025?
We can also make a reasonably better estimation for the Cardano price until 2025. We need to see bigger and more powerful price increases for cryptocurrencies in general, and for Cardano in specific, during this period. Cardano’s price should soar due to its extraordinarily powerful technique and its upcoming next development step, Stablecoin.
Furthermore, the market could see a significant increase in 2024 and 2025. Because the next Bitcoin halving will occur in 2024, the ADA price could perhaps soar as well. As a result, the Cardano price prediction for 2025 is very upbeat.
2025 price range ADA: $1.35 – $17.50