Uzbekistan continues to develop a legal market for crypto assets. According to data from the National Agency for Prospective Projects (NAPP) presented at a press conference on the results of 2025, the sector is showing steady growth in the number of participants, clients, and tax revenues. At the same time, the regulator emphasizes the importance of correct terminology — legally, Uzbekistan uses the concept of "crypto assets," which refer to property rights, rather than "cryptocurrency."
Key Indicators
Today, 21 service providers operate officially in Uzbekistan in the crypto asset circulation sector, including:
3 crypto exchanges;
12 crypto shops;
6 crypto depositories.
The number of clients registered through these providers has reached 663,691 people. Of these, over 661,000 are residents of Uzbekistan, and about 2,000 are non-residents. This indicates that the market is accessible to both local participants and foreigners.
Financial Results
During the period 2022–2025, service providers paid monthly fees totaling 28 billion UZS, while state duties contributed nearly 80 billion UZS to the budget. Additionally, two issuers have issued over 21 million tokens (nearly 16 million asset-backed tokens and 4.1 million utility tokens).
What You Need to Know About the Rules
All crypto asset transactions for citizens and legal entities of Uzbekistan must be conducted exclusively through licensed national service providers — crypto exchanges, crypto shops, or crypto depositories. This was stated by Vyacheslav Pak, First Deputy Director of NAPP.
Special attention is being paid to stablecoins (e.g., USDT). Together with the Central Bank of Uzbekistan, pilot projects are being prepared for their use as a means of payment. Global experience shows that the volume of stablecoin transactions already exceeds the turnover of traditional payment systems such as VISA and Mastercard. Plans include testing a blockchain-based payment system for cross-border and retail transactions, which could accelerate transactions and reduce costs.
Why This Matters for Businesses
A legal and regulated crypto asset market is already operating in Uzbekistan.
Clear rules for the issuance, storage, and circulation of crypto assets have been established.
The market is open to foreign participants.
The state plans to expand the use of stablecoins in payments, opening up new opportunities for businesses.
Key Considerations
Transactions outside licensed providers may be deemed illegal.
Using the term "cryptocurrency" instead of "crypto assets" may mislead partners and clients.
Lack of knowledge of the rules can lead to tax and legal risks.
How TechCount Can Help
We support businesses with registration, taxation, and crypto asset operations in Uzbekistan. Our experts are ready to:
advise on legal requirements for crypto asset circulation;
assist in obtaining a service provider license;
develop internal documents and procedures to comply with NAPP requirements;
ensure tax and accounting for crypto asset transactions.
Contact us — we will help your business operate legally and safely in Uzbekistan's crypto asset market.