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Uzbekistan

A closed, licence-only market run by NAPP: residents trade through local providers, and a som stablecoin pilot began in 2026.

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USD 2B+Crypto turnover through licensed providers in 2025
663,691Clients registered with licensed crypto providers
21Licensed crypto service providers at end of 2025

Uzbekistan chose control over openness early.

Presidential Resolution PP-3832 of 3 July 2018 legalised crypto activity, exempted crypto transactions from tax, and made a single agency, now the National Agency of Perspective Projects (NAPP), the gatekeeper.

Only Uzbek-resident companies may serve clients, their servers must sit in Uzbekistan, and residents may deal in crypto only through these national providers.

The first exchange licence went to Kobea Group, operator of UZNEX, in January 2019.

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The turning point was 2022.

Decree UP-121 of 27 April 2022 rebuilt NAPP with a crypto mandate and a regulatory sandbox, and NAPP then issued the rulebook: licensing for four types of provider (crypto exchange, mining pool, crypto depository and crypto store), trading rules, token issuance rules, and monthly fees in place of tax.

Crypto stores, which sell crypto to the public at set prices, opened in November 2022 and became the main retail channel.

NAPP says the sector had 21 licensed providers, 663,691 clients and more than USD 2 billion of turnover in 2025.

Since then policy has moved toward payments and tokenisation.

Resolution PP-359 of 27 November 2025 allowed resident companies to issue tokenised shares and bonds from 1 January 2026 and ordered a stablecoin sandbox run jointly by NAPP and the Central Bank, whose rules (Regulation No. 3818) took effect in April 2026.

On 2 September 2026 NAPP registered HUMO Digital to test a som-pegged stablecoin backed by government securities for merchant payments.

On mining, NAPP issued its first permit in January 2026, and Resolution PP-143 of 17 April 2026 made all of Karakalpakstan the Besqala Mining Valley, with mining income tax-free until 2035.

NAPP revoked Kobea's exchange licence in May 2026, leaving Coinpay and Asterium as the only licensed exchanges.

For builders the model is clear but narrow.

Licences are open-ended and tax-free for users, but an exchange needs charter capital of 5,000 base units with 3,000 held in reserve, a state fee of 73,400 base units, and a monthly charge of 740 base units, and foreign platforms cannot serve residents.

Since 1 October 2026 providers also need NAPP approval to sell shares or change their managers.

Watch whether the HUMO pilot leads to a permanent stablecoin law and whether tokenised securities trading takes off on Tashkent exchanges.

Who regulates

  • NAPPNational Agency of Perspective Projects

    In charge of

    State agency rebuilt by Decree UP-121 of April 2022 with a mandate over crypto-asset turnover. It also regulates the capital market and runs regulatory sandboxes for new financial technology.

    On crypto

    Uzbekistan's single crypto gatekeeper: it licenses exchanges, depositories, crypto stores and mining pools and registers miners, with 21 providers and 663,691 clients in 2025. It revoked Kobea Group's exchange licence in May 2026 and registered the HUMO som stablecoin pilot in September 2026.

    NAPP website
  • CBUCentral Bank of the Republic of Uzbekistan

    In charge of

    Uzbekistan's central bank. It sets monetary policy, issues the som, licenses and supervises banks, and oversees payment systems.

    On crypto

    Runs the stablecoin sandbox jointly with NAPP under Resolution PP-359 and their joint Regulation No. 3818 of April 2026: it must agree each pilot, including the cap on som-denominated issuance, and holds the cash reserves. HUMO Digital is testing a som-pegged stablecoin there. Licensing of crypto providers sits with NAPP.

    CBU website

What to watch

  • Results of the HUMO som-stablecoin pilot (12 months at first, extendable to three years) and any permanent stablecoin rules from NAPP and the Central Bank.
  • NAPP procedures for issuing and trading tokenised shares and bonds, allowed since 1 January 2026.
  • Whether NAPP licenses new crypto exchanges after revoking Kobea Group in May 2026, and the fate of the four crypto stores suspended for six months in September and October 2026.
  • NAPP's regulation for the Besqala Mining Valley and growth of mining permits after the first was issued in January 2026.

Quick answers

Who regulates crypto in Uzbekistan?

Two authorities shape crypto rules in Uzbekistan. NAPP (National Agency of Perspective Projects): licenses crypto service providers, registers miners, runs the crypto and stablecoin sandboxes and regulates the capital market. CBU (Central Bank of the Republic of Uzbekistan): co-runs the stablecoin special regime with NAPP and oversees payment systems and banks.

Do crypto exchanges need a licence in Uzbekistan?

Yes, under a dedicated regime. NAPP licenses crypto exchanges, depositories, stores and mining pools; 2 exchanges licensed as of Oct 2026. The main licences are Crypto exchange licence from NAPP, held by 2 as of 5 Oct 2026; Crypto depository licence from NAPP, held by 6 as of 5 Oct 2026; and Crypto store licence from NAPP, held by 13 as of 5 Oct 2026. Four Pillars rates exchange licensing in Uzbekistan as comprehensive (reviewed 5 Oct 2026).

Are stablecoins regulated in Uzbekistan?

Not fully yet: the regime is being built. Joint NAPP and Central Bank sandbox rules since April 2026; HUMO som-pegged pilot registered Sept 2026. The most recent official text is Stablecoin Registry (National Agency of Perspective Projects (NAPP), 5 Oct 2026, in force). Four Pillars rates its stablecoin regime in Uzbekistan as developing (reviewed 5 Oct 2026).

How is crypto taxed in Uzbekistan?

Crypto transactions exempt under PP-3832. Four Pillars rates tax clarity in Uzbekistan as comprehensive (reviewed 5 Oct 2026).

Can real-world assets be tokenised in Uzbekistan?

Not fully yet: the regime is being built. Resident companies may issue tokenised shares and bonds from 1 January 2026 under PP-359. Four Pillars rates tokenisation and real-world assets in Uzbekistan as developing (reviewed 5 Oct 2026).

What changed most recently in Uzbekistan's crypto rules?

2 Sep 2026: HUMO som stablecoin enters the special regime. NAPP registered HUMO Digital to test issuing a som-pegged stablecoin and using it for payments. 25 May 2026: Kobea Group exchange licence revoked. The revocation left Coinpay and Asterium as the two licensed crypto exchanges.

What should companies watch next in Uzbekistan?

Results of the HUMO som-stablecoin pilot (12 months at first, extendable to three years) and any permanent stablecoin rules from NAPP and the Central Bank. NAPP procedures for issuing and trading tokenised shares and bonds, allowed since 1 January 2026. Whether NAPP licenses new crypto exchanges after revoking Kobea Group in May 2026, and the fate of the four crypto stores suspended for six months in September and October 2026.

Timeline

  1. HUMO som stablecoin enters the special regime

    NAPP registered HUMO Digital to test issuing a som-pegged stablecoin and using it for payments.

  2. Kobea Group exchange licence revoked

    The revocation left Coinpay and Asterium as the two licensed crypto exchanges.

  3. PP-143 creates the Besqala Mining Valley

    All of Karakalpakstan became a mining zone where mining income is tax-free until 1 January 2035.

  4. Stablecoin sandbox rules registered

    NAPP and the Central Bank's Regulation No. 3818 requires fully reserved tokens and bans algorithmic ones.

  5. First mining permit granted

    Nexagrid received permit M 001 for a mining site in Bukhara region.

  6. PP-359 opens tokenisation and stablecoin testing

    It allowed tokenised shares and bonds and a NAPP and Central Bank stablecoin sandbox from 1 January 2026.

  7. Crypto wallets approved for special tax regime

    Decree UP-180 let qualifying foreigners open wallets on specially authorised Uzbek exchanges.

  8. First crypto store licences issued

    Crypto stores became the main legal channel for residents to buy and sell crypto.

  9. NAPP licensing and trading rules registered

    Regulations No. 3380 and No. 3379 set licensing for four provider types and crypto exchange trading rules.

  10. Decree UP-121 creates NAPP and a crypto sandbox

    The project management agency became the National Agency of Perspective Projects with a crypto mandate.

  11. First crypto exchange licence issued

    Kobea Group, which ran the UZNEX exchange, received licence AA 0001.

  12. PP-3832 legalises crypto activity

    It defined crypto-assets, made them tax-free and required residents to use national service providers.

Cite this page: Four Pillars Asia Digital Asset Policy Center, “Uzbekistan crypto regulation”, reviewed 5 Oct 2026, https://policy.4pillars.io/uzbekistan. Free to reuse with attribution; also as markdown and JSON.

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