Is crypto legal in Uzbekistan? Rules & regulation (2026)

Legal framework

Presidential Decree No. 3832 (2018) and subsequent presidential decrees; NAPP (National Agency for Perspective Projects) as primary licensing and supervisory authority; Law ZRU-899 (Jan 2024) introducing criminal/administrative liability for illegal crypto activity

Status by sub-area

• Stablecoins

  Proposed

  Stablecoins are not currently legal tender or a recognized payment instrument but a presidential decree announced in late 2024 will formally legalize them as a payment method from January 1, 2026, within a regulatory sandbox supervised jointly by NAPP and the Central Bank of Uzbekistan with mandatory KYC/AML and reserve-backing requirements.

• Exchanges / VASP

  In force

  NAPP licenses crypto exchanges, crypto shops, depositories, and mining pools under a fully operational framework since 2022. Residents may only use licensed domestic VASPs; ~15 licenses were active as of late 2024, and the sector processed over USD 1 billion in 2024.

• Token Offerings

  Partial

  There is no standalone ICO or public token-sale framework currently in force; tokenized securities (shares and bonds) are being addressed through the January 2026 framework allowing licensed Uzbek companies to issue tokenized equities and debt on distributed ledger platforms. General utility token offerings remain in a legal grey zone.

  Still pending: Utility token offerings remain in legal grey zone; only tokenized securities addressed

• Custody

  In force

  Crypto depositories are a distinct NAPP license category covering issuance, initial offering, and storage (custody) of crypto assets. License fees are approximately USD 497,500; active licensed depositories include Lockton Hub and JapanDXT.

• DeFi

  Unclear

  Uzbekistan has no dedicated DeFi regulatory framework. Presidential Decree No. 3832 (2018) recognized crypto exchanges but did not extend legal enforceability to smart contracts or decentralized protocols. The resident-only licensed-platform mandate creates legal ambiguity for DeFi use; no specific enforcement actions against DeFi protocols have been publicly reported.

  Still pending: No dedicated DeFi regulatory framework; smart contracts and decentralized protocols lack legal enforceability

• Tax

  In force

  Crypto operations conducted via NAPP-licensed platforms are exempt from capital gains tax, VAT, and profit tax until January 1, 2028. A new special economic zone for crypto mining (Besqala Mining Valley, effective April 20, 2026) grants eligible mining operators a 10-year holiday from corporate income, property, and land taxes. No specific staking, airdrop, or mining income tax rules have been publicly codified outside these exemptions.

Key points: crypto & digital assets in Uzbekistan

1. 01NAPP licensing regime

   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.

   napp.uz prifinance.com

2. 02Resident-only domestic trading mandate

   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).

   napp.uz freemanlaw.com

3. 032026 stablecoin and tokenized securities framework

   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.

   thepaypers.com cryptonews.com

4. 04Tax-free environment through 2028

   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.

   cryptonews.com ainvest.com

5. 05Criminal liability for illegal crypto activity (2024)

   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.

   freemanlaw.com elliptic.co

6. 06Market scale and compliance posture

   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.

   assets.kpmg.com coincub.com

Sources

1. 1.napp.uz/en/pages/erlsp
2. 2.napp.uz/en/news/o-zbekiston-respublikasi-fuqarolari-diqqatiga
3. 3.thepaypers.com/regulations/news/uzbekistan-plans-2026-stablecoin-and-tokenised-asset
4. 4.assets.kpmg.com/content/dam/kpmg/uz/pdf/2024/11/ENG_Digital-Assets-in-CCA.pdf
5. 5.state.gov/wp-content/uploads/2025/11/638719_2025_1-Uzbekistan-Investment-Climat
6. 6.freemanlaw.com/cryptocurrency/uzbekistan/
7. 7.cryptonews.com/news/uzbekistan-bitcoin-mining-tax-holiday-special-zone/
8. 8.elliptic.co/country-guides/uzbekistan
9. 9.lexology.com/library/detail.aspx?g=91e869a9-e800-455a-aa60-52d50e3d6c87
10. 10.prifinance.com/en/cryptocurrency-license/uzbekistan/
11. 11.cryptonews.com/news/uzbekistan-stablecoins-tokenized-stocks-2026/
12. 12.ainvest.com/news/uzbekistan-0-crypto-tax-policy-attracts-global-investors-2506/
13. 13.coincub.com/countries/uzbekistan/