Crypto businesses in Uzbekistan: licensing, rules and taxes

Only a resident company holding a separate licence from the National Agency of Perspective Projects (NAPP) for each activity may provide crypto services. The licence has no expiry date, and a decision is made within 20 business days. A crypto exchange needs capital of UZS 2.200.000.000, a one-off state duty of UZS 32.296.000.000 and a monthly fee of UZS 325.600.000.

In brief:

• residents and companies of Uzbekistan buy, sell and exchange crypto-assets through national service providers;
• a crypto-asset is not legal tender, except under special pilot regimes;
• NAPP separately licenses a crypto exchange, mining pool, crypto depository and crypto shop;
• transaction and customer due diligence data are retained for at least 5 years;
• the chosen model determines the business licence, capital, one-off state duty and continuing monthly fee.

Updated: 05 September 2026

Crypto-assets and business models

What is a crypto-asset and who is a service provider?

A crypto-asset is a property right represented by a set of digital records in a distributed ledger, with value and an owner. The law does not treat it as money. Tokens, including asset-backed, utility and non-fungible tokens (NFTs), are separate types of crypto-assets and are subject to issuance and circulation rules.

A service provider is a resident legal entity that buys, sells, exchanges, stores, issues, places or manages crypto-assets for customers or on their behalf. The standard regime provides for four types of service provider. A company obtains a separate licence for each selected type: one crypto exchange licence does not cover depository services or a mining pool.

NAPP is the licensing authority. A licence is issued without a time limit, the right to operate begins after issue, and the document cannot be transferred to another legal entity. A miner is not a service provider merely because it mines crypto-assets: the miner needs a permit, while a mining pool needs a service provider licence.

How residents may buy and sell crypto-assets

Individuals and companies in Uzbekistan buy, sell and exchange crypto-assets through national service providers, unless a special instrument establishes an exception. On a crypto exchange, residents may conduct all types of trades in soums, while transactions with non-residents are limited to selling crypto-assets for foreign currency. As a general rule, transactions outside service providers are prohibited.

A crypto-asset cannot be a payment means: it cannot be used to pay for goods, work or services, or accepted in place of payment. An exception must be expressly established by a separate instrument, as in the special stable-token regime. Buying a crypto-asset through a service provider and paying for a purchase with a crypto-asset are different transactions.

A transaction is treated as connected with Uzbekistan when at least two criteria are met at the same time:

• one party is a resident, or the transaction takes place in the country;
• an IP address registered in Uzbekistan or a telephone number with the country code is used;
• payment is made with a card issued by an Uzbek bank, or payments are processed or cleared in the country;
• the service targets customers living in Uzbekistan, including where it is offered or advertised in the state language.

This test also matters to a foreign platform: two connecting factors allow NAPP to treat its services as supplied on the local market and apply the supervisory regime to its dealings with residents.

Which type of service provider fits the business model?

The choice depends on the actual operations, not the product name. If a company combines several models, it needs the corresponding separate licences.

A crypto shop operating through an electronic platform accepts bank transfers: a resident buys or sells in soums, while a foreign individual uses foreign currency. At a retail outlet, a customer may buy an asset for cash in soums or foreign currency, but the shop buys an asset from a customer only for soums. These currency scenarios must be reflected in contracts, the cash-handling process and accounting.

A shop may not conduct transactions without identifying the customer, with anonymous assets or NFTs, or with crypto-assets issued by residents. It does not act in the name and at the expense of the customer and, as a general rule, does not hold customer funds. A later exception allowed funds to be held briefly only through an electronic platform and only within the period set by NAPP; the other crypto shop restrictions remain in force.

Licensing, capital and fees

How to obtain a NAPP licence

Only a legal entity registered in Uzbekistan may apply. The application states the name, legal form, postal address, taxpayer identification number, location where the platform operates, email address, servicing bank, current account, type of licence and purpose of the application.

The application includes information about management and founders, including the ultimate beneficial owner. A foreign manager or founder provides a certificate confirming the absence of the convictions listed in the regulation, legalised or apostilled, and a notarised translation into the state language. A crypto exchange also submits a bank certificate confirming its capital and the reserved portion. NAPP may not require any other documents.

Review of the documents is free. The full decision cycle takes no more than 20 business days: the expert commission has up to 15 business days, NAPP makes its decision within 4 business days and notifies the applicant within 1 business day. Once the state duty is paid, the electronic licence with a QR code is issued within 3 days.

If the package is incomplete but the deficiency can be corrected, NAPP allows up to 30 business days to remedy it. Following a reasoned refusal, the applicant receives at least 10 business days to eliminate the grounds; reconsideration is free and takes up to 5 business days. A licence cannot be refused on the ground that issuing it would be inexpedient.

This section explains the special procedure for crypto service providers. General rules for other licences, permits and notifications are covered in the article on activities requiring a licence. A company needs those rules when its crypto project also includes another regulated business activity.

How much are the capital, state duty and monthly fees?

Capital is expressly prescribed only for a crypto exchange: at least UZS 2.200.000.000 in cash as of the application date, of which UZS 1.320.000.000 is reserved in a separate account at a commercial bank in Uzbekistan. Credit, pledged funds or other borrowed funds cannot be used to form the capital of any service provider.

The state duty is paid once after a positive licensing decision. The monthly fee is a separate continuing obligation that starts when the licence is received.

The amounts are calculated using the BRV applicable on the payment date. If the licence is issued before the 20th day of the month, the fee is due for the entire current month; if issued after the 20th, it is due from the first day of the following month. The next advance payment is due by the 10th day of the current month. If operations are suspended or terminated, accrual stops from the first day of the following month.

Example. At the current BRV of UZS 440.000, before applying a crypto exchange forms capital of UZS 2.200.000.000 and reserves UZS 1.320.000.000; the unrestricted part of the capital after the reserve is UZS 880.000.000. After a positive decision, it pays state duty of UZS 32.296.000.000. If the licence is issued before the 20th, the first monthly fee is UZS 325.600.000, and the duty plus the first fee total UZS 32.621.600.000. This excludes platform, bank, audit and staffing costs.

Operations, customers and tokens

What operating requirements apply to a service provider?

The platform and its hardware and software must be hosted on servers in Uzbekistan. A service provider retains records of all transactions, identification data, materials relating to customer relationships and business correspondence for at least the required period. It follows the rules on crypto-asset circulation, personal data, advertising and anti-money laundering, does not deal with anonymous assets and does not permit hidden mining.

A crypto exchange must maintain segregated asset records: its funds and crypto-assets cannot be accounted for together with customer assets, and assets of different customers cannot be pooled. The exchange performs daily backups, identifies participants, monitors transactions, and prevents price manipulation and the use of inside information.

For each participant, the exchange prepares an immutable daily report of trades, amounts and orders, retains it for at least 5 years and provides the customer with the relevant part within 15 days of a request. Listing conditions, conflicts of interest, customer admission, clearing and dispute resolution are set out in internal rules and contracts.

Following the 2026 amendments, a service provider must obtain NAPP’s prior approval for the sale of an interest in its capital to an individual or legal entity, including a non-resident, and for a change of director, deputy directors or the head of the anti-money laundering unit. A corporate transaction that omits this regulatory stage creates a licensing risk.

How to identify customers and monitor transactions

A service provider appoints a responsible AML officer from among its management personnel. Information about the officer and implementation of the rules is submitted to NAPP annually by 10 January, and a new appointment is reported no later than the next business day. The responsible officer and other employees engaged in monitoring complete refresher training at least once a year.

Customer due diligence covers the customer, its representative and the ultimate beneficial owner. It is conducted when a relationship begins and an agreement is concluded, when there is suspicion, when previous information is in doubt, and for a one-off transaction exceeding the equivalent of USD 1,000. For existing customers, the depth of due diligence depends on the risk level.

At least annually, the service provider assesses its own AML risks, keeps the assessment current and records full details of the sender, recipient, wallet addresses and beneficial owners. Foreign nationals, politically exposed persons, persons from offshore or non-cooperating jurisdictions and persons systematically conducting suspicious transactions are high risk and require enhanced measures.

A transaction recognised as suspicious is reported to the competent authority within 1 business day. A complete match between the details of a customer, beneficial owner or transaction participant and the prescribed list requires the transaction to be suspended and the crypto-assets frozen without notifying the customer. If it is impossible to verify the customer or the documents are knowingly unreliable, the transaction is refused and a report is filed.

Transaction and customer due diligence records must allow the details to be reconstructed. They are retained for at least 5 years after the transaction or termination of the relationship, and identification information is updated annually. Access to AML documents is restricted; a customer must not be told that a report concerning the customer’s transaction has been submitted.

How to issue tokens and conduct a listing

A resident legal entity or individual entrepreneur issues a crypto-asset through a crypto depository. An individual may issue only NFTs. The depository accepts applications, registers an issue, carries out the initial placement and custody, enters information in an electronic register and records a transfer of rights through an entry on its platform.

Before registration, the issuer adopts an issuance decision and submits a White Paper declaration. It discloses the issuer, technology and developers, holder rights, valuation method, fraud and cyberattack risks, repurchase mechanism and the project being financed. The issuance decision is published 1 month before the initial placement.

For an asset-backed token, the depository verifies that the property actually exists. A crypto-asset itself cannot serve as collateral. The nominal value of an issue is denominated in soums. The ordinary regime prohibits stable tokens and unbacked tokens, except for the prescribed utility tokens.

From 1 January 2026, a separate regulatory sandbox permits pilot payment projects using stable tokens. This exception does not make a stable token a general means of payment: it may be used only within the approved experimental project and under the conditions set by NAPP and the Central Bank.

Mining and taxation

How does mining differ from a mining pool?

Mining is a separate permitted activity, not a type of service provider licence. Under the general regime, only a legal entity may carry it out after obtaining a NAPP electronic permit valid for 5 years. Operations take place at the address stated in the registration, in separate premises and, as a rule, using electricity from a solar photovoltaic plant; connection to the public grid requires a separate compatible meter.

The application is filed through OneID. It discloses the company, premises address, bank, source and volume of solar electricity, equipment model, manufacturer and power consumption, intended crypto-assets and wallet addresses. Supporting technical documents are attached electronically. Hidden mining, mining anonymous assets, operating without a permit or operating away from the registered address are prohibited.

A mining pool consolidates miners’ computing power, keeps their register and distributes mined assets. It may not buy, sell, exchange or store participants’ assets and cannot use them on a miner’s behalf. Revenue is distributed only in mined assets to the declared wallets under the agreement; the pool’s commission may be withheld in crypto-assets.

How are crypto-asset transactions taxed?

Until 1 January 2029, transactions of legal entities and individuals, including non-residents, connected with the circulation of crypto-assets are not subject to taxation. Income from these transactions is not included in the tax base for taxes and other mandatory payments.

This rule applies specifically to crypto-asset circulation transactions. It does not cancel a service provider’s licensing duty and monthly fees, taxes on the company’s ordinary goods and services, tax-agent obligations or employee-related payments. Income from a technical, consulting or other service should be separated in the contract and accounts from income arising directly from a crypto-asset transaction.

A separate temporary regime applies to residents of Besqala Mining Valley: mining income is exempt from taxes and fees until the date prescribed for the zone, but a monthly contribution to the Directorate remains payable. It does not automatically apply to an ordinary service provider outside the zone.

Supervision, changes and launch checks

How is a licence supervised and what liability applies?

NAPP checks compliance with the conditions, requests information, issues an order and sets a deadline to remedy a violation. If licensing requirements are breached or an order is not complied with, NAPP may suspend a licence for up to 10 days, and a court may suspend it for more than 10 days but no longer than 6 months. Failure to remove the grounds, forged documents, repeated violations or a single gross violation may lead to cancellation.

For a legal entity, providing services without a licence or obtaining a licence using forged documents carries a financial fine of UZS 132.000.000. This is the sanction under the Licensing Law; the liability of a particular individual or officer is determined separately under the relevant administrative or criminal offence.

The administrative and criminal provisions contain additional qualifying elements and alternative penalties. The table therefore shows the boundary between regimes and does not replace an analysis of the specific offence, repetition, amount and the person’s role.

What changed in 2025–2026?

• Presidential Resolution No. PP-359 of 27 November 2025 introduced a special regime for stable-token payment pilots from 1 January 2026. Outside an approved pilot, the general prohibition on using a crypto-asset as payment remains in force.
• The same resolution allowed resident legal entities, from 1 January 2026, to issue tokenised shares and bonds for a separate venue of a licensed stock exchange. These tokenised securities are governed by the capital-market regime, not an ordinary crypto exchange licence.
• The amendments under Presidential Resolution No. PP-359 of 27 November 2025 allowed a crypto shop operating through an electronic platform to hold customer funds for the period set by NAPP after the transaction and creation of the distributed-ledger record.
• Presidential Resolution No. PP-143 of 17 April 2026 established Besqala Mining Valley across the entire territory of Karakalpakstan. Until 1 January 2035, a zone resident is exempt from taxes and fees on mining operations but pays 1% of income to the Directorate each month.
• Regulation No. 3893 of 8 July 2026 set a 5-year term for the resident certificate and permit. Mined assets may be sold through national exchanges, licensed foreign platforms or direct agreements, and the proceeds are credited to banks in Uzbekistan.

What should a company check before launch?

Before investing in a platform, a company should map each product function to one of the four service provider types. Purchase and exchange point to an exchange model, straightforward purchases from and sales to individuals to a shop, issuance and custody to a depository, and combining computing power to a mining pool. Combining functions means multiple licences, state duties and monthly fees.

The company should then prepare a demonstrable ownership chain through to the ultimate beneficial owner, screen managers and founders, document the source of capital, and select servers in Uzbekistan and a servicing bank. Before the application is filed, internal rules should be ready for operations, identification, AML controls, information security, backups, conflicts of interest, customer complaints and data retention.

The financial model should account separately for exchange capital and reserve, the one-off state duty, monthly fee and compliance costs. Contracts and accounting should separate the service provider’s and customers’ funds and assets, crypto-asset circulation transactions and other services, as well as the standard regime and any regulatory-sandbox experiment.

Frequently asked questions

May a company buy cryptocurrency on a foreign exchange?

As a general rule, a resident company buys, sells and exchanges crypto-assets through a national licensed service provider. The mere fact that a foreign platform is located abroad does not exclude the local regime: a transaction may be regarded as taking place in Uzbekistan based on its combined links to a resident, a local IP address, telephone number, bank card, clearing or a service directed at the local market. A special exception must follow from a separate legal instrument.

How much does a cryptocurrency licence cost in Uzbekistan?

There is no single price. The state duty depends on the licence: a crypto exchange pays UZS 32.296.000.000, a mining pool UZS 1.320.000.000, a crypto depository UZS 3.080.000.000 and a crypto shop UZS 1.628.000.000. A monthly fee also applies: UZS 325.600.000, 44.000.000, 2.200.000 and 81.400.000, respectively. An exchange also needs capital of UZS 2.200.000.000, of which UZS 1.320.000.000 is reserved in a separate bank account.

Is tax payable on crypto-asset trading?

Until 1 January 2029, transactions by individuals and legal entities, including non-residents, connected with the circulation of crypto-assets are not subject to taxation, and income from them is not included in the tax base. This does not exempt a company from the licensing duty, monthly regulatory fee or taxes on other activities. In the accounts, the asset-circulation transaction should be separated from standalone services.

May crypto-assets be accepted as payment for goods and services?

Not under the standard regime: a crypto-asset is not used as a means of payment or accepted in place of payment. From 1 January 2026, stable tokens may be used in payment pilots under the special legal regime. This exception applies only to a registered participant, an approved project and the specified customers, limits and experimental period; it does not entitle every company to accept a stable token in place of soums.

How does a mining-pool licence differ from a miner’s permit?

A mining-pool licence allows a company to provide a platform, combine participants’ computing power and distribute mined assets. A national miner obtains a separate NAPP mining permit and may join a pool only after identification. The pool may not sell, exchange or store a participant’s mined assets. Under the general regime, only a legal entity may be a miner in Uzbekistan.