More than 661,000 citizens of Uzbekistan have registered on licensed cryptocurrency platforms, as the country continues to formalise and regulate its digital asset sector, according to the National Agency for Prospective Projects (NAPP).
Currently, 21 licensed crypto service providers operate in Uzbekistan. These include 12 crypto shops, 6 crypto depositaries and three crypto exchanges. In total, 663,691 clients have been registered, of whom 661,850 are residents.
Since 2022, companies operating in the crypto asset sector have paid more than $1.19 billion in state duties and fees. Of that amount, approximately $878 million came from state licence fees, while about $311 million was collected in ongoing monthly payments.
The licensing framework was introduced to regulate market participants and reduce risks associated with fraud and financial crime.
In December 2024, authorities approved updated state duty rates for crypto-related activities, including mining pools, crypto stores, depositaries and exchanges.
Two issuers - Humo Digital and Lockton Hub - have together issued more than 21 million tokens, including both asset-backed and utility tokens. Humo previously launched a pilot project for a token backed by Uzbekistan’s government bonds.
Additionally, Uzbekistan issued its first official cryptocurrency mining permit to private company NexaGrid, registered in Tashkent and operating in the Romitan district of the Bukhara region.
Under regulations adopted in 2023, only legal entities may engage in mining after obtaining a permit. Mining must take place at the registered address and in specially equipped premises that meet safety requirements.
Operators are required to use electricity generated from their own solar power facilities or comply with strict metering rules if connected to the national grid.
Hidden mining and the extraction of anonymous crypto assets are prohibited. Licensed miners must provide regular reports to the regulator on their activities and crypto wallets.
Digital development strategy
Authorities describe the regulatory approach as a balance between encouraging innovation and ensuring transparency.
The crypto sector is viewed as part of Uzbekistan’s broader digital transformation agenda, aimed at supporting fintech development, attracting investment and creating new employment opportunities. Officials say further improvements to the legal framework may follow as the market matures.
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