January 20, 2026

Crypto-assets in the Republic of Uzbekistan

With the development of information technologies and digitalization of society, there is a need to regulate new objects and related relations. The introduction of such objects as cryptocurrencies and tokens into civil turnover has given rise to relations that, without appropriate regulation, may lead to unpredictable consequences. This topic becomes especially relevant in modern conditions, when digital assets play an increasingly significant role in the economy and social sphere.

Content:

1. Forming legal framework for digital economy;

2. Types of activities in the field of crypto-asset circulation;

3. Legal regulation of crypto-exchange trading.

Regulation:

1. Resolution of the President of the Republic of Uzbekistan dated July 3, 2018 No. 3832 “On measures to develop the digital economy and the sphere of crypto-assets turnover in the Republic of Uzbekistan” (hereinafter – “PP-3832“);
2. Resolution of the President of the Republic of Uzbekistan dated September 2, 2018 No. 3926 “On measures to organize the activities of crypto-exchanges in the Republic of Uzbekistan” (hereinafter – “PP-3926“);
3. Order of Director of the National Agency of Perspective Projects of the Republic of Uzbekistan dated August 15, 2022 No. 3379 “On the approval of the regulations for trading of crypto assets on crypto exchange” (hereinafter – “Order-3379”);
4. Order of the Director of the National Agency of Perspective Projects of the Republic of Uzbekistan dated November 28, 2022, No. 3397, “On the Approval of the Regulations on the Procedure for Issuance, Registration, and Circulation of Crypto-Assets by Residents of the Republic of Uzbekistan” (hereinafter – “Order-3397”);
5. Order of Director of the National Agency of Perspective Projects of the Republic of Uzbekistan dated August 15, 2022 No. 3380 “On the approval of regulations on the procedure of licensing the activities of service providers in the sphere of crypto-assets turnover” (hereinafter – “Order-3380”);
6. Order of the Director of the National Agency for Perspective Projects of the Republic of Uzbekistan dated December 17, 2024, No. 3584, “On the Determination of the Amounts of State Fees for Issuing Licenses to Providers of Services in the Field of Crypto-Asset Circulation” (hereinafter – “Order-3584”).

1. Forming legal framework for digital economy

In the era of development of information technologies, digitalization of society, the question of regulating new objects and related relations arises. With the introduction of such objects as crypto-assets and tokens in civil circulation new relations between subjects began to emerge, which without regulation are creating or can create unexpected consequences in the future.

The Resolution of the President of the Republic of Uzbekistan dated July 03, 2018 No. 3832 “On measures to develop the digital economy and the sphere of crypto-assets turnover in the Republic of Uzbekistan” was adopted to create a framework and regulate this rapidly-developing area. The Resolution outlined the most important tasks:

• implementation and development of activities in the field of crypto-assets’ turnover, including mining (activities to maintain the distribution platform and create new blocks with the ability to receive remuneration in the form of new units and commission fees in various cryptocurrencies), smart contracts (an agreement in electronic form, the exercise of rights and responsibilities for which is carried out by automatic execution of digital transactions), consulting, emission, exchange, storage, distribution, management, insurance, crowdfunding (collective financing), as well as blockchain technologies for diversifying various forms of investment and entrepreneurial activity;
• development of the necessary legal framework for the implementation of bdistributed ledger technology, taking into account the best practices of foreign countries;

PP-3832 also set a couple of essential rules related to tax and currency regulation. Firstly, , until January 1, 2029, transactions of legal entities and individuals related to the turnover of crypto-assets, including those carried out by non-residents, are not subject to taxation, and income received from these transactions is not included in the tax base for taxes and other mandatory payments. Secondly, currency transactions related to the turnover of crypto-assets carried out by persons who have received a license to carry out activities in the field of turnover of crypto-assets in the prescribed manner are not subject to the norms of the legislation on currency regulation.

2. Types of Activities in the Sphere of Crypto-Asset Circulation

Types of Activities in the Sphere of Crypto-Asset Circulation Resolution No. PP-3832 provides the following definition: a “crypto-asset” is a property right representing a set of digital records in a distributed ledger that has value and an owner.

The types of activities in the sphere of crypto-asset circulation include mining and the activities of crypto-asset service providers.

Mining is an activity aimed at maintaining a distributed ledger, creating and verifying the integrity of blocks through computational operations. Mining may be carried out exclusively by a legal entity using electricity generated by a solar photovoltaic power plant. Mining is subject to mandatory registration with the National Agency for Perspective Projects and is not a licensed type of activity. Persons engaged in mining (miners) are required to undergo registration in accordance with the procedure established by legislation, in electronic form via the Internet.

Service providers render services to individuals or legal entities, including on their behalf, related to the purchase, sale and/or exchange, storage, issuance, placement, and management of crypto-assets. Only legal entities that are residents of the Republic of Uzbekistan may act as service providers.

Types of Service Providers:

– Crypto-exchange – an organization providing an electronic platform for the purchase, sale and/or exchange of crypto-assets;

– Mining pool – an organization providing an electronic platform for consolidating computing power to support the mining process;

– Crypto-depository – an organization providing an electronic platform and/or a set of technical and software tools for the issuance of crypto-assets, their initial placement, and storage;

– Crypto-shop – an organization providing an electronic platform and/or a set of technical and software tools for the purchase and/or sale of crypto-assets;

– Other types of service providers.

Legal entities engaged in activities in the sphere of crypto-asset circulation are required to pay fees.

Licensing Requirements for Crypto-Asset Service Providers

Resolution No. PP-3926 established the licensing requirements and conditions for carrying out the activities of crypto-exchanges. The licensing requirements and licensing procedure are set out in the Regulation on the Procedure for Licensing the Activities of Service Providers in the Sphere of Crypto-Asset Circulation (Appendix No. 1 to Order No. 32 of the Director of the National Agency for Perspective Projects dated July 14, 2022).

The licensing requirements and conditions for carrying out the activities of service providers are as follows:

a) Availability of an electronic platform and/or a set of technical and software tools hosted on servers located within the territory of the Republic of Uzbekistan;

b) Storage for a period of five years of information on all crypto-asset transactions, identification data of platform participants, and materials relating to the relationships between the service provider and platform participants (including between participants themselves), including business correspondence;

c) Compliance with the requirements of the legislation of the Republic of Uzbekistan in the field of crypto-asset circulation, counteraction to the legalization (laundering) of proceeds from crime, financing of terrorism and financing of the proliferation of weapons of mass destruction, as well as the storage and use of personal data;

d) Compliance with advertising requirements in the sphere of crypto-asset circulation;

e) Prohibition of engaging in hidden mining and transactions involving anonymous crypto-assets, including the mining of anonymous crypto-assets;

f) Provision, free of charge, upon request of the licensing authority, of information related to the operation of the platform;

g) Timely and full payment of fees for carrying out activities in the sphere of crypto-asset circulation;

h) Prohibition on appointing to managerial positions of service providers persons who:

– participate in or are suspected of participation in terrorist activities or the proliferation of weapons of mass destruction;

– have an outstanding or unexpunged criminal conviction for economic crimes, as well as crimes related to money laundering, terrorism, proliferation of weapons of mass destruction and their financing, organized crime, illicit drug trafficking, corruption, or information technologies crimes.

Additional licensing requirements and conditions applicable to crypto-exchanges include:

a) Prohibition on participation in the charter capital of service providers by persons specified in subparagraph “h” of this clause, as well as by companies registered in offshore jurisdictions;

b) The existence of a fully formed charter capital in the amount of not less than 5,000 base calculation values (hereinafter – BCV) (2,060,000,000 UZS) in cash as of the date of application submission, of which 3,000 BCV must be reserved in a separate account with a commercial bank of the Republic of Uzbekistan.

In accordance with the Regulation “On Approval of the Amounts of State Duty for Issuance of a License for Carrying Out the Activities of Service Providers in the Sphere of Crypto-Asset Circulation” (registered on December 17, 2024, Reg. No. 3584), the following state duty amounts are established (as multiples of the BCV effective on the date of payment):

– Crypto-exchange – 73,400 times the BCV;
– Mining pool – 3,000 times the BCV;
– Crypto-depository – 7,000 times the BCV;
– Crypto-shop – 3,700 times the BCV.

The licensing authority (the National Agency for Perspective Projects) maintains a register of licenses by types of service providers.

3. Legal regulation of crypto-exchange trading

On January 20, 2021, the first crypto-exchange in Uzbekistan, UzNEX, began its work.

However, it should be taken into account that due to the fact that this field is at the initial stage of development in Uzbekistan, the concepts of “crypto-asset” and “token” under the legislation of Uzbekistan may have a definition and scope different from similar concepts specified in the legislation of other jurisdictions.

The Director of the National Agency for Prospective Projects of the Republic of Uzbekistan adopted the Order dated 08/15/2022 Reg. number 3379 “On approval of the rules for trading crypto-assets on a crypto-exchange.”

According to these Rules, the organization of trading in crypto-assets is carried out by the crypto-exchange by providing clients with access to the electronic platform of the crypto-exchange for trading participants to perform actions aimed at buying, selling and (or) exchanging crypto-assets.

Access to the electronic platform of the crypto exchange is provided on the basis of an agreement.

The procedure for admitting a client to trading in crypto-assets, including other services (“spot”, “margin” trading, etc.) and crypto-exchange products, as well as exclusion from the number of participants in trading in crypto-assets, is determined by local regulations.

As defined in the Rules:

Clients are individuals and legal entities, including foreign individuals and legal entities, who enter into agreements with the crypto-exchange to carry out transactions with crypto-assets on the crypto-exchange.

To establish a relationship with a client, the crypto exchange requests:

– For an individual – a copy of his identity document and personal identification number of an individual for citizens of the Republic of Uzbekistan;

– For an individual entrepreneur – copies of his identity document and state registration certificate;

– For a legal entity – a copy of the state registration certificate, information about the location, managers, as well as information specified in the constituent documents;

– Other information provided by law, including in the field of combating the legalization of proceeds from crime, the financing of terrorism and the financing of the proliferation of weapons of mass destruction.

As a result of establishing a relationship between a crypto-exchange and its client, an account is created for the client in the electronic platform of the crypto-exchange, which contains information about the client, his funds, and crypto-assets held by the crypto-exchange.

Transactions on the direct trading platform are carried out in the following order:

– A seller of crypto-assets in his personal account creates an application for the sale of crypto-assets indicating the requirements for the price of crypto-assets and the details of his account at the servicing commercial bank;

– A crypto-exchange deposits the seller’s crypto-assets on the electronic direct trading platform until the transaction is completed or the seller’s request to return these crypto-assets;

– A buyer accepts the application, sends funds in national or foreign currency to the specified bank account of the seller in the prescribed manner;

– A buyer provides (attaches) a copy of the document on the transfer of funds in his personal account as evidence of the completed transfer;

– A seller checks his account, makes sure that the funds have been received in full, and in his personal account allows the crypto exchange to send crypto assets to the buyer.

The crypto-exchange has the right to carry out transactions for the purchase and sale of crypto-assets on the direct trading platform on its own behalf and (or) at the expense of clients on the basis of an agency agreement by transferring funds through the crypto-exchange cash register.