Cryptocurrency

<a href="https://ultramining.com/news/en/uzbekistan-gears-up-for-crypto-mining-regulation-amid-talks-with-global-exchanges/">Uzbekistan</a> has significantly tightened its cryptocurrency regulations by introducing criminal liabilities for unauthorized mining and cryptocurrency transactions. This landmark decision expands the Code of Administrative Offences, adding new clauses that enforce both administrative and criminal penalties for crypto-related infringements.&nbsp; according to <a href="https://bits.media/uzbekistan-vvel-ugolovnuyu-otvetstvennost-za-nezakonnyy-mayning-i-oborot-kriptovalyut/">Bits.media</a>. 
Under these amendments, illicit acquisition, transfer, or exchange of crypto-assets, and the operation of related services without a license, are now subject to administrative arrest up to 15 days or a fine between 20 to 30 Basic Calculation Units (BCU) for non-arrestable individuals. Moreover, officials involved in transactions with anonymous cryptocurrencies will also face fines. <a href="https://ultramining.com/news/en/large-scale-cryptocurrency-mining-farm-uncovered-in-dagestans-kizilyurtovsky-district/">Illegal miners</a> face similar consequences, including fines and potential administrative arrest. 
These regulations intensify in severity for repeat offenders, who after initial administrative punishments, will now face criminal charges. Penalties include fines, correctional labor, and restrictions of freedom for repeated illicit trading of crypto-assets.&nbsp; 
Since 2019, Uzbekistan has prohibited the use of cryptocurrency for service payments, consistently updating laws to increase penalties surrounding mining and crypto use. Most recently, Uzbekistan's National Agency for Perspective Projects (NAPP) levied a fine against the crypto exchange Binance for operating without a license. This penalty totaled 102 million soums, approximately $8,200.

Uzbekistan Enforces Criminal Penalties for Unauthorized Cryptocurrency Activities

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