Cryptocurrency in Uzbekistan

    With new crypto regulations and more people getting interested, Uzbekistan is quickly gaining a reputation as a Central Asian crypto hub. Because government leaders see crypto as having greater economic significance, Binance and Huobi have been given permission to continue operating. Even though private trading by domestic residents is normally not allowed, people are still interested in Bitcoin, Ethereum and USDT.

    Uzbek citizens usually use crypto for financial purposes, international transfers and accessing global financial services. By 2026, the digital asset market in Uzbekistan is expected to be used by over 2.7 million people, which will lead to strong growth. Policymakers, investors, startups and researchers can use this guide when looking at the region’s change to crypto.

    Crypto in Uzbekistan – The Current Scene

    Government involvement is what shapes the cryptocurrency market in Uzbekistan. Supervising digital assets was given to the National Agency of Perspective Projects (NAPP) in 2022, which resulted in licensed platforms being allowed for crypto trading.

    Retail investors have to verify themselves, but OTC desks and spot exchanges can be used legally by anyone. Crypto is regarded as real money, though it is not used for legal transactions. The most common digital assets are Bitcoin, Ethereum and Tether.

    People use blockchain for international payments, saving their money and speculative trading. In most places, mining for individuals is banned, but regulated crypto mining activities continue by companies. Uzbekistan is now known as a state where the market is regulated but open to some degree.

    Uzbekistan’s Crypto Market Overview

    In 2025, it is expected that cryptocurrency revenue in Uzbekistan will reach US$138.4 million, which is an 8.38% annual rise, and the industry is expected to grow to US$150 million by 2026.

    People earning an average of US $55.1 bring in revenue to the industry, and it is predicted that the number of users will increase 6.78% by 2025. Reasons behind the rise are the transparent legal environment, growing use of mobile internet and the central bank remaining prudently open to modern digital innovations.

    Binance and exchanges registered with NAPP are the main ones investors use. Investors can try peer-to-peer (P2P) sites, but law enforcement often checks these options. More Uzbek youth are getting interested in AI-linked tokens, NFTs and blockchain gaming.

    Regulation of Crypto in Uzbekistan

    Uzbekistan has taken a strict but transparent regulatory approach. Since 2022, only licensed exchanges may offer crypto services, and residents are barred from using unregistered foreign platforms. The NAPP oversees licensing, AML compliance, and user protections.

    Key policies include:

    • Mandatory KYC on all local exchanges
    • Licensing of crypto companies under Presidential Decree No. PP-3832
    • A legal framework for custody services, mining farms, and OTC operations
    • A ban on private crypto mining, but licensed corporate mining is allowed

    These regulations are aimed at preventing money laundering while encouraging institutional participation. Work continues on potential taxation and digital asset classification laws.

    List of Uzbekistan Crypto Exchanges & Platforms

    Uzbekistan's crypto users can only transact via platforms licensed by the government. As of 2025, approved platforms include:

    • Uznex – a domestic exchange supported by Korean blockchain firm KOBEA Group
    • Binance – operates under a temporary license with compliance obligations
    • Huobi – allowed to serve institutional and verified retail users
    • Kraken and Bybit are exploring local partnerships but remain restricted

    Unlicensed foreign platforms are blocked via ISP-level controls, encouraging use of official channels. Uzbekistan is also developing a national digital exchange to enhance transparency and support fiat onramps.

    Cryptocurrency Wallets in Uzbekistan

    Uzbek users rely mostly on global crypto wallets, with popular options including

    • Trust Wallet and MetaMask for Ethereum-based tokens
    • Coinbase Wallet for user-friendly interfaces
    • Ledger and Trezor for cold storage security

    Due to restrictions on unlicensed apps, some wallets may have limited functionality without VPN access. Local developers are exploring compliant wallet solutions integrated with NAPP guidelines.

    Security concerns persist, particularly regarding phishing attacks and fake trading apps. Government advisories warn users to avoid unlicensed exchanges and stick to verified wallets.

    Taxation of Cryptocurrency in Uzbekistan

    As of 2025, Uzbekistan does not tax crypto trading for individual users. However, companies involved in mining and digital asset services are subject to:

    • Income tax on corporate crypto earnings
    • Excise taxes on energy consumed by mining operations
    • Reporting requirements under national AML policies

    The Ministry of Finance is reportedly drafting legislation to clarify tax obligations for digital asset holders, particularly for capital gains and staking rewards. These are expected to roll out between 2025 and 2026.

    Crypto Community & Education in Uzbekistan

    Many Uzbekistan crypto users exchange ideas on Telegram, YouTube and local forums. The computer science curricula at tech universities in Tashkent and Samarkand are starting to feature blockchain and fintech.

    Public events like Uzbekistan Blockchain Week have brought together regulators, developers, and investors. Startups such as BlockUz and UzChain are building B2B tools for government and enterprise blockchain use.

    Educational efforts are still limited, but NGOs and accelerator programs are pushing for youth digital finance training. More public-private collaboration is needed to boost awareness and skills.

    The Future of Cryptocurrency in Uzbekistan

    Uzbekistan is balancing innovation with control. With digital asset revenue growing and user numbers rising, the country is poised to become a regional leader in regulated crypto adoption.

    If current trends continue, Uzbekistan will likely introduce:

    • Structured tax rules for crypto profits
    • Broader access to licensed wallets and exchanges
    • More investment in compliant blockchain startups
    • Integration with cross-border stablecoin payment networks

    With legal clarity, user education, and infrastructure expansion, Uzbekistan’s crypto future looks cautiously optimistic.

    Frequently Asked Questions (FAQs)

    1. What laws in Uzbekistan in 2025 guide or influence the use of cryptocurrency?

    You are only allowed to use cryptocurrency in Uzbekistan if the platform has a license. The government monitors all crypto exchanges and they have to follow KYC rules too.

    2. Can Uzbek people trade and buy cryptocurrencies on foreign exchanges?

    Uzbek people may not use foreign exchange services that do not have official approval. Anyone in Uruguay must use Uznex or Binance officially because only these two are legal.

    3. What are the most common cryptocurrencies people buy and sell in Uzbekistan?

    Most people use Bitcoin (BTC) for their day-to-day needs, Ethereum (ETH) for smart contract features and Tether (USDT) when they want to hasten trade or money transfer.

    4. Can people in Uzbekistan take part in crypto mining?

    Mining is allowed only to those companies that have been licensed. Crypto mining is not allowed for individuals under the present set of rules.

    5. Is taxation required for Uzbek people who make profits from cryptocurrencies?

    That has not occurred yet. The government will not collect tax on any personal crypto trading in 2025. Even so, companies in cryptocurrency mining and services have to pay income tax and fees for energy use.

    6. In Uzbekistan, which wallets are mostly adopted?

    A lot of users usually use global wallets like Trust Wallet, MetaMask and Coinbase Wallet. Something like Ledger or Trezor is another security option for cold storage.

    7. Is it safe to use crypto wallets and apps in Uzbekistan?

    Users who use approved platforms and verified wallets for crypto are safe. Fake apps and phishing scams aiming at cryptocurrency users are something the government cautions people about.

    8. What is crypto mainly used for in Uzbekistan?

    The main activities with crypto are investing, sending money across borders and saving in stablecoins. Blockchain is being looked at by different institutions for payment and contract purposes.

    9. Is there a crypto exchange located specifically in Uzbekistan?

    Yes. In Uzbekistan, Uznex is a licensed exchange and Binance and Huobi are authorized because they follow set compliance conditions.

    10. Is Uzbekistan currently planning to create its own digital currency?

    Central banks in South Africa have not officially launched CBDCs, yet the government supports using blockchain in financial and regulatory sectors.