Uzbekistan’s Code of Administrative Offenses has been expanded to include new articles that outline both administrative and criminal actions.
Under the new regulations, individuals involved in the illegal acquisition, transfer, or exchange of cryptoassets, as well as offering services in the crypto industry without proper licensing, can be subjected to administrative arrest for up to 15 days or fined 20 to 30 Basic Estimated Values (BVV), depending on the circumstances.
Penalties have also been introduced for officials engaging in transactions with anonymous crypto assets. In addition, unauthorized miners may face fines and administrative arrests lasting up to 15 days.
Repeat offenders will face criminal liability in addition to administrative punishment. Individuals involved in the repeated illegal circulation of cryptoassets may face fines, correctional labor, and restrictions on their personal freedom.
The use of cryptocurrencies for payment has been banned in Uzbekistan since 2019. The government consistently updates laws related to mining and cryptocurrencies, gradually increasing penalties for non-compliance.
Earlier, the National Agency for Prospective Projects of Uzbekistan (NAPP) fined Binance, a popular crypto exchange, for operating without a license in the country. The fine issued to the exchange amounted to 102 million soums ($8,200).