Crypto & Digital Assets - Uzbekistan

Since 2022 NAPP issues licenses across four VASP categories: exchanges, crypto shops, depositories, and mining pools. As of late 2024 approximately 15 entities hold licenses; capital requirement for exchanges is ~USD 750,000 and license fees range from USD 125 to ~USD 497,500 depending on category.

Uzbek residents are legally required to conduct all crypto purchases, sales, and exchanges exclusively through NAPP-licensed domestic providers. Transacting via foreign platforms is prohibited and can result in administrative or criminal penalties under Law ZRU-899 (effective April 20, 2024).

A presidential decree announced in late 2024 recognizes stablecoins as an official payment method and permits tokenized shares and bonds on licensed platforms from January 1, 2026. The program runs as a controlled regulatory sandbox jointly administered by NAPP and the Central Bank of Uzbekistan, with mandatory KYC/AML requirements; only Uzbek-registered legal entities may issue tokenized securities.

Crypto operations conducted via NAPP-licensed platforms are exempt from capital gains tax, VAT, and profit tax until January 1, 2028. A new special mining zone, Besqala Mining Valley (Karakalpakstan), established by presidential decree signed April 17, 2026, grants qualifying mining operators a 10-year holiday from corporate income, property, and land taxes.

Law ZRU-899 (January 19, 2024, effective April 20, 2024) amended the Criminal Code and Administrative Liability Code to impose penalties for illegal acquisition, sale, or exchange of crypto assets outside licensed CASPs, and for operating CASP services without a license.

Licensed providers processed over USD 1 billion in transactions in 2024; NAPP doubled monthly exchange fees in 2024 to reinforce compliance and began proactive inspections of foreign CASPs serving Uzbek residents.