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Jun 23, 2025
Explore Uzbekistan's rapidly evolving digital asset market with clear answers on licensing, fees, compliance, and key prohibitions for crypto businesses and individuals.
The cryptocurrency market in Uzbekistan is undergoing rapid development, supported by a structured regulatory framework designed to foster innovation while ensuring stability and security. This guide provides a comprehensive overview of the key regulations governing digital assets in the country, detailing roles of regulatory bodies, licensing requirements, financial obligations, and legal prohibitions for both businesses and individuals.
Question | Details and Provisions |
What is the defining authority / regulator of the crypto market in Uzbekistan? | The National Agency of Perspective Projects (NAPP) is the key regulator of the crypto market in Uzbekistan, responsible for licensing, permitting procedures, control, and oversight. |
What is a crypto-asset? | A crypto-asset is a property right representing a set of digital records in a distributed data ledger, having value and an owner. |
What are the types of activities in the crypto-asset sector? | Mining and crypto-asset service provider activities. |
Who can engage in mining? | Exclusively legal entities. |
What are the electricity source requirements for mining? | Primarily uses electricity generated by solar photovoltaic stations. Connection to the unified power grid is allowed with a separate electricity meter and an increased tariff coefficient (2x), plus surcharges during peak hours. |
Is mining regulated by license or registration? | Requires a permit for mining activities. Issued by NAPP in electronic form for a period of five years. |
Where must mined crypto-assets be sold? | Must be sold on crypto-exchanges licensed in the Republic of Uzbekistan. |
Who can be a crypto-asset service provider? | Exclusively legal entities - residents of the Republic of Uzbekistan. |
What are the types of crypto-asset service providers? | Crypto-exchange, mining pool, crypto-depository, crypto-shop. |
Is a license required for crypto-asset service providers? | Yes, licensing is carried out by NAPP, separately for each type of service. The license is issued for an unlimited period. |
What is the one-time state duty for a crypto-exchange license? | 73,400 BCV (~2,202,000 US dollars). |
What is the one-time state duty for a mining pool license? | 3,000 BCV (~90,000 US dollars). |
What is the one-time state duty for a crypto-depository license? | 7,000 BCV (~210,000 US dollars). |
What is the one-time state duty for a crypto-shop license? | 3,700 BCV (~111,000 US dollars). |
What is the monthly fee for miners? | 10 BCV (~300 US dollars). |
What is the monthly fee for crypto-exchanges? | 740 BCV (~22,200 US dollars). |
What is the monthly fee for mining pools? | 100 BCV (~3,000 US dollars). |
What is the monthly fee for crypto-depositories? | 5 BCV (~150 US dollars). |
What is the monthly fee for crypto-shops? | 185 BCV (~5,550 US dollars). |
What are the share capital requirements for crypto-exchanges? | Minimum of 5,000 BCV (~150,000 US dollars) in cash at the time of application, with 3,000 BCV (~90,000 US dollars) reserved in a separate commercial bank account. Must be formed exclusively from founders' own funds. |
What is the duration of tax benefits for crypto-asset operations? | Operations are not subject to taxation until January 1, 2029. |
What are the rules for currency regulation? | Currency operations related to crypto-asset turnover, carried out by licensed entities, are not subject to currency regulation legislation. |
How does securities legislation apply? | Legislation on securities, exchanges, and exchange activities does not apply to crypto-asset turnover activities and crypto-exchanges. |
Is the use of crypto-assets as a means of payment prohibited in Uzbekistan? | Yes, the use of crypto-assets as a means of payment or acceptance of payment on the territory of the Republic of Uzbekistan is prohibited. |
Is hidden mining prohibited? | Yes, it is prohibited. |
Is mining of anonymous crypto-assets prohibited? | Yes, it is prohibited. |
What is a "regulatory sandbox" (Special Regulation Regime)? | It involves creating special organizational and legal conditions for legal entities introducing crypto-asset turnover technologies, offering privileges during pilot projects. |
What are the tax benefits for "regulatory sandbox" participants? | Exemption from all types of taxes, mandatory deductions to state trust funds, and customs duties (except fees) for imported equipment. |
How are employee incomes taxed in the "regulatory sandbox"? | Subject to a fixed personal income tax rate of 7.5% and not included in total annual income for tax purposes. |
What is the duration of pilot projects in the "regulatory sandbox"? | Not exceeding three years. |
Who is responsible for internal control (AML/CFT)? | A responsible employee, appointed from among the management by order of the head. |
What is the administrative liability for illegal mining (after administrative penalty)? | A fine of up to 100 BCV (~3,000 US dollars) or corrective labor for 2 to 3 years, or restriction of liberty for up to 1 year or imprisonment for up to 1 year. |
What is the administrative liability for illegal acquisition/sale of crypto-assets (after administrative penalty)? | A fine of up to 100 BCV (~3,000 US dollars) or corrective labor for 2 to 3 years, or restriction of liberty for up to 1 year or imprisonment for up to 1 year. |
What is the criminal liability for hidden mining? | A fine of 100 to 300 BCV (~3,000 - 9,000 US dollars) or restriction of liberty for up to 2 years or imprisonment for up to 2 years. |
What is the maximum penalty for repeated/large-scale violations in crypto-asset sphere? | Imprisonment for up to 5 years. |