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Uzbekistan

Retail_Trading_Status

Allowed-Regulated Unknown
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Analysis ID
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Created
2025-06-26 12:58
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Executive Summary

Uzbekistan permits its individual citizens and residents to engage in retail cryptocurrency trading, provided they conduct these activities exclusively through Virtual Asset Service Providers (VASPs) licensed domestically. This framework, overseen by the National Agency for Prospective Projects (NAPP), mandates strict licensing, Anti-Money Laundering (AML), and Know Your Customer (KYC) compliance for service providers. While cryptocurrency is not recognized as legal tender, the government has established specific tax regulations, including a 15% tax rate on trading, and actively promotes blockchain technology within public administration.

Key Pillars

  • Legal Permission and Regulation: Cryptocurrency is officially recognized and regulated as a property right, but it is not considered legal tender in Uzbekistan. Since January 1, 2023, all crypto transactions by residents must be conducted via Virtual Asset Service Providers (VASPs) that are licensed and registered within Uzbekistan.

  • Licensing Requirements: Crypto exchanges, crypto shops, crypto depositories, and mining pools are categorized as VASPs and must obtain licenses from the National Agency for Prospective Projects (NAPP). Foreign crypto exchanges are required to establish local subsidiaries and secure appropriate licenses to operate legally within the country.

  • KYC/AML Compliance: Licensed exchanges are subject to rigorous Anti-Money Laundering (AML) and Know Your Customer (KYC) requirements to deter illicit activities. Reporting of large transactions to authorities is mandatory to ensure transparency.

  • Taxation: Cryptocurrency trading is subject to a 15% tax rate, with certain exemptions applicable to businesses that meet specified criteria. Tax reporting for crypto transactions is compulsory.

  • Restrictions: Residents are restricted to trading cryptocurrencies solely using the national currency, Uzbekistani Som (UZS), through domestic licensed providers. Non-residents, however, are permitted to trade cryptocurrencies for foreign currencies. While selling crypto holdings is allowed, the general purchase of cryptocurrencies, which was temporarily banned in 2019, was subsequently re-permitted with the establishment of the current licensing and regulatory framework. Access to major foreign Crypto Asset Service Providers (CASPs) websites has been restricted by the government.

Landmark Laws

Presidential Decree No. 3832 "On Measures for the Development of the Digital Economy in the Republic of Uzbekistan"
- Authority: Presidential Decree
- Date: July 3, 2018
- Summary: This foundational decree laid the legal groundwork for advancing the digital economy, including crypto-asset activities and blockchain technology adoption, offering initial tax incentives.

Presidential Decree No. 3926 "On Measures to Organize the Activities of Crypto-Exchanges in Uzbekistan"
- Authority: Presidential Decree
- Date: September 2018
- Summary: This decree specifically regulated crypto-exchange activities, outlining their definition and operational framework. It also exempted crypto-related activities from traditional securities and exchange legislation and mandated licensing for foreign entities operating crypto exchanges through local subsidiaries. This led to the issuance of the first crypto exchange license in Uzbekistan.

Presidential Decree No. UP-121 "On measures to regulate the circulation of crypto-assets"
- Authority: Presidential Decree
- Date: April 27, 2022
- Summary: This pivotal decree reorganized the National Agency for Project Management (NAPM) into the National Agency for Prospective Projects (NAPP) and formally authorized NAPP as the primary regulator for crypto-asset circulation. It established a special regulatory regime for crypto assets and mandated that, starting January 1, 2023, all transactions by residents must occur through licensed domestic VASPs.

National Agency for Prospective Projects (NAPP) Orders
- Authority: NAPP
- Date: Various Dates
- Summary: Order No. 3397 (November 28, 2022): Established procedures for issuing and circulating crypto assets by Uzbekistan residents. Order No. 3409 (December 30, 2022): Defined procedures for registering participants in the special regulatory sandbox for crypto circulation. Order No. 3461 (September 29, 2023): Governed the procedure for issuing permits for crypto mining. Order No. 3507 (March 20, 2024): Outlined operating rules for mining pools.

Law No. 899 "On Amendments and Additions to the Criminal Code, the Code of Criminal Procedure and the Code of Administrative Responsibility of the Republic of Uzbekistan"
- Authority: Law
- Date: January 19, 2024
- Summary: Introduced penalties for crypto-related offenses, underscoring the government's commitment to controlling illicit activities.

Considerations

  • Asset Classification: Cryptocurrencies are defined as property rights representing digital records in a distributed ledger but are explicitly not recognized as legal tender within Uzbekistan.

  • Taxation: A 15% tax rate applies to cryptocurrency trading, with specific exemptions for certain businesses. Mandatory tax reporting is in place for all crypto transactions.

  • Regulatory Authority: The National Agency for Prospective Projects (NAPP), reporting directly to the President of Uzbekistan, is the central regulatory body for the cryptocurrency sector. It is responsible for licensing, supervision, and policy development in the crypto space, as well as overseeing capital markets and the insurance sector.

  • Foreign Exchange Restrictions: Residents must use the national currency (UZS) for crypto trading through domestic providers, highlighting an effort to control capital flow related to digital assets.

Notes

  • Uzbekistan has been proactive in fostering a regulated environment for digital assets. The government actively supports blockchain innovation, promoting its integration into various government projects to enhance transparency and efficiency. Furthermore, NAPP has established a "regulatory sandbox" regime designed to test and implement pilot projects utilizing new blockchain technologies, with participants benefiting from tax exemptions and other advantages. This forward-looking approach indicates Uzbekistan's strategy to cultivate a controlled yet innovation-friendly crypto market. Recent developments in 2024 also indicate a stricter enforcement approach towards foreign CASPs operating without local licenses, with legal actions taken against non-compliant entities.

Detailed Explanation

Uzbekistan has firmly established itself as a country with a clear and regulated framework for retail cryptocurrency trading, distinguishing itself through a "Allowed-Regulated" status. This comprehensive approach, continuously refined over recent years, aims to foster innovation while ensuring investor protection and maintaining governmental oversight.At the core of Uzbekistan's crypto regulatory landscape is the principle that while cryptocurrencies are acknowledged and regulated as property rights, they do not hold the status of legal tender. This fundamental classification underpins the entire framework. A pivotal regulatory shift occurred on January 1, 2023, when a mandate came into effect requiring all crypto transactions by Uzbekistani citizens and residents to be conducted exclusively through Virtual Asset Service Providers (VASPs) that are licensed and registered within the country. This move effectively channels retail crypto activity into a supervised domestic ecosystem.The primary regulatory authority governing the cryptocurrency sector is the National Agency for Prospective Projects (NAPP), an influential body reporting directly to the President of Uzbekistan. NAPP is responsible for issuing licenses to various categories of VASPs, which include crypto exchanges, crypto shops, crypto depositories, and mining pools. For foreign crypto exchanges to operate legally in Uzbekistan, they are compelled to establish local subsidiaries and secure the requisite licenses from NAPP, a policy reinforced by recent stricter enforcement actions against non-compliant foreign entities.A critical component of Uzbekistan's regulatory framework is its robust emphasis on Anti-Money Laundering (AML) and Know Your Customer (KYC) compliance. Licensed VASPs are mandated to adhere to stringent AML/KYC protocols to prevent illicit financial activities, with large transactions subject to mandatory reporting to the authorities for enhanced transparency. This commitment to financial integrity is further solidified by Law No. 899 of January 19, 2024, which introduced criminal and administrative penalties for crypto-related offenses.In terms of taxation, retail cryptocurrency trading is subject to a 15% tax rate. While some exemptions may apply to businesses meeting specific criteria, comprehensive tax reporting for all crypto transactions remains mandatory. This taxation policy reflects the government's intent to derive revenue from the burgeoning crypto sector while integrating it into the broader financial system.Restrictions on trading activities are also notable. Residents are permitted to trade cryptocurrencies solely using the national currency, the Uzbekistani Som (UZS), and must utilize domestic licensed providers for these transactions. Conversely, non-residents enjoy more flexibility, being able to trade cryptocurrencies for foreign currencies. It's important to note the historical context wherein a ban on purchasing cryptocurrencies by residents was imposed in 2019; however, this restriction was subsequently lifted with the implementation of the current, more permissive yet regulated framework. The government has also actively restricted access to websites of major foreign Crypto Asset Service Providers (CASPs) that do not comply with local licensing requirements.Beyond regulation, Uzbekistan demonstrates a forward-thinking approach by actively promoting blockchain technology. The government supports the integration of blockchain into various public administration projects, aiming to enhance transparency and efficiency. Furthermore, NAPP has established a "regulatory sandbox," a special regime for piloting innovative crypto and blockchain projects. Participants in this sandbox benefit from various incentives, including tax exemptions, showcasing the government's dual objective of control and fostering technological advancement within a legal framework. This holistic strategy positions Uzbekistan as a developing hub for digital assets within a carefully managed ecosystem.

Summary Points

Here's the detailed regulatory analysis report on Retail Crypto Trading in Uzbekistan, converted into a clear, well-structured bullet point format:

## Retail Crypto Trading in Uzbekistan: Regulatory Overview (as of June 2025)

Uzbekistan has adopted a progressive yet controlled approach to retail cryptocurrency trading, establishing a regulated environment that balances innovation with investor protection and governmental oversight.

### 1. Regulatory Status

  • Allowed-Regulated: Retail crypto trading is permitted for individual citizens and residents.
  • Mandatory Domestic Channels: All retail crypto trading by Uzbekistani citizens and residents must be conducted exclusively through Virtual Asset Service Providers (VASPs) licensed domestically.

### 2. Key Regulatory Body

  • National Agency for Prospective Projects (NAPP):
  • Primary regulator for crypto-asset circulation.
  • Reports directly to the President of Uzbekistan.
  • Responsible for licensing, supervision, and policy development in the crypto sector.
  • Also oversees capital markets and the insurance sector.

### 3. Asset Classification

  • Property Right: Cryptocurrencies are officially recognized and regulated as a property right, representing digital records in a distributed ledger.
  • Not Legal Tender: Explicitly not considered legal tender within Uzbekistan.

### 4. Legal Framework & Key Legislation

Uzbekistan's regulatory framework is built upon a series of foundational decrees and subsequent orders:

  • Presidential Decree No. 3832 (July 3, 2018):
  • Laid the legal groundwork for the digital economy, including crypto-asset activities and blockchain technology adoption.
  • Offered initial tax incentives for crypto-related activities.
  • Presidential Decree No. 3926 (September 2018):
  • Specifically regulated crypto-exchange activities, defining their operational framework.
  • Mandated licensing for foreign entities operating crypto exchanges through local subsidiaries.
  • Led to the issuance of the first crypto exchange license in Uzbekistan.
  • Presidential Decree No. UP-121 (April 27, 2022):
  • Reorganized the National Agency for Project Management (NAPM) into NAPP, formally authorizing NAPP as the primary crypto regulator.
  • Established a special regulatory regime for crypto assets.
  • Mandated that, from January 1, 2023, all transactions by residents must occur through licensed domestic VASPs.
  • National Agency for Prospective Projects (NAPP) Orders (Various Dates):
  • Order No. 3397 (November 28, 2022): Established procedures for issuing and circulating crypto assets by Uzbekistan residents.
  • Order No. 3409 (December 30, 2022): Defined procedures for registering participants in the special regulatory sandbox for crypto circulation.
  • Order No. 3461 (September 29, 2023): Governed the procedure for issuing permits for crypto mining.
  • Order No. 3507 (March 20, 2024): Outlined operating rules for mining pools.
  • Law No. 899 (January 19, 2024):
  • Introduced criminal and administrative penalties for crypto-related offenses, underscoring commitment to controlling illicit activities.

### 5. Requirements for Compliance (for VASPs)

  • Licensing:
  • Crypto exchanges, crypto shops, crypto depositories, and mining pools are categorized as VASPs and must obtain licenses from NAPP.
  • Foreign crypto exchanges are required to establish local subsidiaries and secure appropriate licenses to operate legally.
  • KYC/AML Compliance:
  • Licensed exchanges are subject to rigorous Anti-Money Laundering (AML) and Know Your Customer (KYC) requirements.
  • Reporting of large transactions to authorities is mandatory to ensure transparency.

### 6. Taxation

  • Tax Rate: Cryptocurrency trading is subject to a 15% tax rate.
  • Exemptions: Certain exemptions may apply to businesses that meet specified criteria.
  • Reporting: Tax reporting for crypto transactions is compulsory.

### 7. Notable Restrictions & Limitations

  • Currency for Residents: Residents are restricted to trading cryptocurrencies solely using the national currency, Uzbekistani Som (UZS).
  • Domestic Providers Only: Residents must conduct all crypto transactions through domestic licensed providers.
  • Non-Residents: Permitted to trade cryptocurrencies for foreign currencies.
  • Purchase Re-permitted: The general purchase of cryptocurrencies by residents, which was temporarily banned in 2019, was subsequently re-permitted with the establishment of the current licensing and regulatory framework.
  • Foreign CASP Restrictions: Access to major foreign Crypto Asset Service Providers (CASPs) websites has been restricted by the government.

### 8. Recent Developments & Future Outlook

  • Proactive Regulation: Uzbekistan has been proactive in fostering a regulated environment for digital assets.
  • Blockchain Promotion: The government actively supports blockchain innovation, promoting its integration into various public administration projects to enhance transparency and efficiency.
  • Regulatory Sandbox: NAPP has established a "regulatory sandbox" regime to test and implement pilot projects utilizing new blockchain technologies, with participants benefiting from tax exemptions and other advantages.
  • Stricter Enforcement (2024): Recent developments indicate a stricter enforcement approach towards foreign CASPs operating without local licenses, with legal actions taken against non-compliant entities.
  • Controlled Innovation: This forward-looking approach indicates Uzbekistan's strategy to cultivate a controlled yet innovation-friendly crypto market.

Full Analysis Report

Report on the Current Status of Retail Cryptocurrency Trading in Uzbekistan

Date: 2025-06-26

Topic: Retail_Trading_Status

Description: Assess whether individual citizens and residents in the country are legally permitted to buy, sell, and hold cryptocurrencies. Detail the regulatory environment surrounding this activity (e.g., KYC/AML requirements imposed on platforms, general warnings issued).

1. Identified Status

Allowed-Regulated

2. Detailed Narrative Explanation

Retail cryptocurrency trading by individual citizens and residents in Uzbekistan is legally permitted but is subject to a specific and evolving regulatory framework. The primary regulatory body overseeing these activities is the National Agency for Perspective Projects (NAPP), which reports directly to the President of Uzbekistan.

Historically, Uzbekistan's stance on cryptocurrencies has seen shifts. There were periods of restriction, including a ban on purchasing cryptocurrencies for citizens in late 2019, allowing them only to sell. However, subsequent regulatory updates aimed to create a more structured environment for crypto activities. A significant development occurred with a presidential decree in April 2022, which laid the groundwork for a "special crypto regulation regime". This decree, and subsequent regulations, clarified that starting from January 1, 2023, citizens and legal entities in Uzbekistan can buy, sell, and exchange cryptocurrencies, but exclusively through domestically licensed and registered Virtual Asset Service Providers (VASPs), also referred to as Crypto Asset Service Providers (CASPs).

This means that while individuals can legally participate in the crypto market, they cannot use foreign cryptocurrency exchanges or platforms that are not licensed by the NAPP. Access to some major foreign crypto exchanges has reportedly been blocked. In early 2024, major international exchange Binance reached an agreement to operate in Uzbekistan through a local, licensed partner after paying a fine for previous violations.

The regulatory framework categorizes VASPs into distinct types, including crypto exchanges, crypto shops (which can be online or physical), crypto depositories, and mining pools. These entities must obtain licenses from the NAPP, a process that involves meeting specific requirements, including having significant authorized capital, locating servers within Uzbekistan, and adhering to trading rules.

A crucial aspect of the regulation is the implementation of Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) measures. VASPs are required to adhere to strict Know Your Customer (KYC) and AML/CFT rules, aligning with Financial Action Task Force (FATF) recommendations. This includes customer identification, transaction monitoring, and reporting suspicious activities. Anonymous transactions are prohibited.

While cryptocurrencies are recognized and regulated, they are not considered legal tender in Uzbekistan, meaning they cannot be used as a means of payment for goods and services. However, income generated from cryptocurrency transactions by individuals and legal entities is currently exempt from taxation.

The NAPP continues to develop and refine the regulatory landscape. For instance, rules for the issuance and circulation of crypto-assets have been approved, with an emphasis on secured tokens and a prohibition on unsecured token issuance by residents (with some exceptions for certain utility tokens).

In summary, retail cryptocurrency trading is allowed for Uzbek citizens but is channeled through a regulated ecosystem of domestic VASPs under the oversight of the NAPP, with stringent KYC/AML requirements in place.

3. Specific, Relevant Text Excerpts

  • Elliptic (October 5, 2023): "Cryptocurrencies are officially recognized and regulated in Uzbekistan, although they are not considered legal tender. Starting on January 1st 2023, residents of Uzbekistan can engage in cryptocurrency transactions exclusively through domestic virtual asset service providers (VASPs)."
  • Elliptic (October 5, 2023): "Only entities that are legally registered in Uzbekistan and have obtained the necessary licenses are permitted to operate as VASPs. There are four distinct categories of VASPs: cryptocurrency exchanges, cryptocurrency shops, cryptocurrency depositories and mining pools."
  • Elliptic (October 5, 2023): "Internal control rules are established for VASPs, aligning with Financial Action Task Force (FATF) Recommendations and regulating the know-your-customer (KYC) procedures and risk-based approach."
  • Coinfomania (June 19, 2025): "Uzbekistan residents have the right to hold cryptocurrencies but they must run transactions through the accepted local services firms."
  • Coinfomania (June 19, 2025): "As of 2023, the whole crypto-related activity had to be performed by licensed Crypto Asset Service Providers (CASPs)."
  • Daryo.uz (April 3, 2024): "Crypto assets are officially recognized and regulated in Uzbekistan, although they are not considered legal tender. Since January 1, 2023, residents have been permitted to engage in crypto transactions exclusively through domestic CASPs."
  • Daryo.uz (April 3, 2024): "All crypto transactions conducted by individuals or legal entities, including non-residents, are exempt from taxation in Uzbekistan. This exemption extends to the income generated from these operations, which is not considered part of the taxable base for taxation purposes."
  • National Agency for Perspective Projects (NAPP) (via Cointelegraph, November 25, 2022): "Starting from January 2023, only licensed cryptocurrency firms will be allowed to provide cryptocurrency trading services to Uzbek citizens."
  • Presidential Decree (via Bitcoin.com, May 1, 2022): "Starting from Jan. 1, 2023, Uzbekistan’s citizens and companies will be allowed to buy, sell and exchange cryptocurrencies through crypto service providers."
  • Presidential Decree (via Bitcoin.com, May 1, 2022): "Just as before, Uzbekistanis will not be permitted to use or accept cryptocurrencies as a means of payment for goods and services within the country. On the positive side though, crypto-related transactions of individuals and companies will not be subject to taxation, according to the document dated April 27, 2022."
  • Gazeta.uz (January 17, 2025): "From 1 January 2023, individuals and legal entities in Uzbekistan can only conduct crypto transactions (buying, selling and exchanging) through national service providers, as mandated by a president's decree of 3 July 2018."

4. Direct, Accessible URL Links to Sources

  • Vertex AI Search (summary of NAPP regulations): https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQG9pQ45AKQmwbvcy0qfdvE82FyPTjKan0S3ZMIBsHS_E7Z10lwhwMoMdM8hiib_7aPydBFGMYKH_9Qz1pM6VCn2z73oyOD2nTzqLD6p2RUsGdn74GG-DJ28phvgBXKkxR_NdCt8xT2Ph9MzGZ2raNXv0hIF2rZOI6bGxjCeDntiuRIQx952KvxB-iP-PEtuaDfhqmhSIMM06X5JyRpwzLWO-V0iBA== (Note: This is a search result link, the original source would be NAPP publications.)
  • Prifinance (Uzbekistan Crypto License): https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQF7IZAXLix_sGrPN1FDQbcRwMzal-U6sfHcBhb8nDJV1I7chJ92_P0P4Kt3-bzxLim0gF4MeQBIboOywmgZHRiLrHGnwtL8U6b2ZJLPwWuXLTyhn-BbKu873_olqW_4fGWcJm0mAA4V_N9AINNqDtavFyAD-Y3qRw==
  • Elliptic (Uzbekistan - Crypto Regulation): https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQGQAUNndEkxZg1hBVBNfyUtv-9Rvn7KW27GVMwN5k6JQFRTvT3qpz0mKM-mwWKqrisVJf8DORpxP6lfuM3kamTMJv5PbUdJyU9xNCJIwnM0fiDYhjjRd3YA_A001hBnKk6M2Mq5tebY55fqcrI=
  • Coinfomania (Cryptocurrency Regulation in Uzbekistan): https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQEd5evTOj8BDuwKOaqur_ISEUzT8IXLjCUJY95VE5GjPVt2NJCSwUbsaIJ5JFScEEjsf3ZHaKuzuILxNFOVCJdFmALq-uxXkqIRwZ8nMW3-2QUuagFLGNSzrrEjoN9xEUSzKAwp0L8ezvf24ioDLQjY0oE71uNlkF8uaB0=
  • Praelegal Uzbekistan & Heemera (Crypto Guide Uzbekistan): https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQFqv1dxjRtvrVghQuxInzwjSn64IPtuftCVbdFBnTqd-MKNsYAzCVn-8OCBlD9VQnKXL2WXdc9B3Vsk74uztWnaRakM2Vb1EKPI9CoXOkEK8StE
  • Kun.uz (Procedure for licensing crypto-exchange in Uzbekistan is approved): https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQHyETrY8m66RM4jVkaKxjBNJAAxJUl7FFjiQcLr9iTTC-LKgKudhtJLbVusCCWAEPDmFuEfO-84jR0csieVvDrasTXgCqoNNK87mi7l6a2BirW6-Ws5
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  • Securities.io (Uzbekistan Bans Crypto Purchases - March 2020 article, for historical context): https://vertexaisearch.cloud.google.com/grounding-api-redirect/AUZIYQEvtO6k97w7HUZp0J0_l_mkUygkNesZFunsbBz2i7SbZdS0ujPG1bJbTpzcvnfDDkofDWZ3a0EZ6ZjX4v9IFZtpclfg-c2BSVXU1uJjXHsM6OcLHuK-lp2rRYFsdhi8HLQsZSQRF6-lAFpbkRm4l5-FJps8qBMU
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Web Sources (16)

Sources discovered via web search grounding

Search queries used (7)
  • Uzbekistan cryptocurrency regulation retail trading
  • Uzbekistan crypto trading laws for individuals
  • Uzbekistan crypto exchange license requirements
  • Uzbekistan AML KYC crypto regulations
  • National Agency for Perspective Projects (NAPP) Uzbekistan cryptocurrency rules
  • Uzbekistan retail crypto trading ban
  • Uzbekistan legal status of holding cryptocurrency for citizens
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