Cryptocurrency is legal and regulated in Uzbekistan, though it is not recognized as legal tender (2). Since January 1, 2023, residents can only buy and sell cryptocurrencies through licensed domestic Virtual Asset Service Providers, with the use of foreign exchanges being strictly prohibited and subject to criminal penalties (2). The National Agency of Perspective Projects serves as the primary regulator responsible for licensing all VASPs including exchanges, crypto shops, depositories, and mining pools (1)(2).
The regulatory framework requires service providers in the crypto-assets sphere to obtain licenses following a comprehensive application process overseen by the licensing authority (1). The expert commission reviews submitted documents and prepares an opinion on issuing or refusing the license within 15 business days, with the licensing authority making final decisions within 20 business days (1). All cryptocurrency transactions conducted by individuals or legal entities, including non-residents, are exempt from taxation in Uzbekistan, though crypto-assets cannot be used as a means of payment within the country (2).
"The licensing authority accepts the application and the documents on the date of submission, considers the applications and relevant documents, and makes decisions to issue or refuse to issue a license within 20 business days."
The Central Bank of Uzbekistan rules out the inclusion of cryptocurrencies in the country's foreign exchange and gold reserves, citing high volatility and speculative nature that make digital assets unsuitable for ensuring stability (2). Only legal entities registered in Uzbekistan that have obtained necessary licenses are permitted to operate as VASPs, and they serve as a bridge connecting residents transacting in Uzbekistani Som to the global cryptocurrency market (2). A regulatory sandbox regime is in place to facilitate pilot implementation of new blockchain technologies and testing of innovative regulatory mechanisms (2).
Source:
https://lex.uz/docs/6185049
https://www.elliptic.co/country-guides/uzbekistan
Last updated: 19-10-2025 Disclaimer: This article does not provide legal advice. If you need legal advice, please contact an attorney directly.
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