Can a citizen of Uzbekistan trade on a foreign exchange?+
No. Since 1 January 2023 citizens and legal entities of Uzbekistan may buy, sell and exchange crypto-assets solely through national service providers licensed by NAPP. The rule applies to a company's own transactions too, not only to an exchange business.
Is tax payable on cryptocurrency transactions?+
Until 1 January 2029 transactions of individuals and legal entities with crypto-assets are not subject to taxation, and income from such transactions is not included in aggregate income. This is a separate relief under PP-3832, and it does not cancel the provider's obligations as a taxpayer in respect of its other activity.
How much does a crypto license in Uzbekistan cost?+
The state fee for issuing a license is 73,400 BCV for a crypto exchange, 7,000 BCV for a crypto depository, 3,700 BCV for a crypto shop and 3,000 BCV for a mining pool. At a basic calculation value of 412,000 UZS the exchange fee exceeds 30 billion UZS. On top of the fee there is a monthly fee, and the charter capital has to be formed.
Can a foreign company obtain the license?+
No. The license is issued to a legal entity resident in the Republic of Uzbekistan, and companies registered in offshore zones cannot be participants of a provider. A foreign project needs to set up a local entity and sort out the ownership chain in advance.
How long does it take to obtain the license?+
The NAPP decision itself is taken within 20 working days from the day the application is received. Most of the time goes into preparation: registering the entity, forming and reserving the capital, hosting the platform on servers in Uzbekistan, and the internal AML/CFT documents.
What is NAPP's reasoned judgment?+
Since 3 June 2026 the Regulation on licensing contains reasoned judgment: the Agency may assess the substance of an application, not only the completeness of the documents, relying on supervisory data and information from various sources, including foreign regulators. This is a standalone ground for refusal, so the file is prepared to remove doubts about the beneficial owners and the source of capital.
Is a license needed for mining?+
A mining pool is a licensed type of activity. Mining itself is carried out by a legal entity under a permit with mandatory registration at the Agency, on electricity from a solar photovoltaic plant, except in the Besqala Mining Valley zone; connecting to the unified power system applies a multiplying coefficient of 2 to the tariff.
What are the consequences of operating without a license?+
Unlawful acquisition, sale or exchange of crypto-assets falls under art. 155-4 of the Code of Administrative Liability with confiscation of the object of the offence, and unlawful mining under art. 155-5 of the same Code. On repetition, art. 278-8 and art. 278-9 of the Criminal Code apply. The exact qualification depends on the amount, which is determined separately.
How can I check whether a platform holds a license?+
Active and terminated provider licenses, as well as mining permits, are published in NAPP's electronic registry. It is worth checking before transferring funds: the registry also contains terminated licenses, including a crypto exchange whose license was terminated on 25 May 2026.