Uzbekistan Compliance Report

Generated 2026-09-22

Partially Regulated

Regulatory Overview

Regulatory Status: Some rules exist but significant gaps; draft legislation or limited guidance
Key Regulator(s): Ministry of Justice No, National Agency for Perspective Projects
Primary Legislation: On approval of the Regulation on the procedure for licensing the activities of service providers in the field of circulation of crypto-assets, On the Regulation of Virtual Asset Turnover, You might find summaries or references to this decree on NAPP's news section or, The Uzbek Agency for Technical Regulation (ATR), established in 2021, handles te, The Law on Investments and Investment Activities guarantees unrestricted transfe, By law, the government cannot discriminate against foreign investors based on na, The Law on State-Owned Property Management (ZRU-821, March 9, 2023) lists state
Travel Rule: Not adopted
Tax Reporting: Gains obtained by individuals and legal entities from transactions with virtual assets are not subject to capital gains tax. This applies specifically to transactions conducted through virtual asset service providers licensed by NAPP in Uzbekistan.. Exempt for direct virtual asset transactions.. For Individuals: Income received by individuals from transactions with virtual assets (e.g., selling crypto for fiat or other crypto, mining income if directly held) is exempt from personal income tax, provided these transactions are carried out through licensed virtual asset service providers.. For Businesses (Licensed Virtual Asset Service Providers): While the transactions themselves are exempt for users, licensed virtual asset service providers (e.g., crypto exchanges, mining pools, crypto stores) are treated as regular business entities. Their profits derived from their operational activities (e.g., fees charged for services, spreads, commissions) are generally subject to corporate income tax and other applicable business taxes under the general tax code of Uzbekistan. The exemption applies to the virtual asset transactions for their clients, not to the service providers' business profits.. Uzbekistan's standard corporate income tax rate is generally 15%.

Key Facts

aml Primary AML/CFT Law: Law of the Republic of Uzbekistan "On Combating the Legalization of Proceeds from Criminal Activities, the Financing of Terrorism and the Financing of the Proliferation of Weapons of Mass Destruction" (last updated/amended, e.g., Law No. ZRU-740 of December 14, 2021). This general law sets out the fundamental principles, definitions, obligations for obliged entities, and the framework for combating ML/TF. Presidential Decree No. PD-269 of September 2, 2022, "On Measures for the Further Development of the Regulatory Framework for the Circulation of Virtual Assets." This decree designated the National Agency for Perspective Projects (NAPP) as the authorized body for regulating virtual asset circulation and established core principles for the sector. Cabinet of Ministers Resolution No. 592 of October 18, 2022, "On Approval of the Regulation on the Procedure for Licensing the Activities of Virtual Assets Stores and the Regulation on the Procedure for Licensing the Activities of Cryptocurrency Exchanges." This resolution details the licensing procedures for VASPs (specifically crypto exchanges and virtual asset stores) and includes requirements for AML/CFT compliance as a prerequisite for licensing. Regulation on the Procedure for Carrying Out Anti-Money Laundering and Counter-Terrorism Financing Measures for Virtual Asset Market Participants (Registered by the Ministry of Justice on August 9, 2023, No. 3456).
licensing Presidential Decree No. UP-106 "On measures for further development of the digital economy in the Republic of Uzbekistan" dated March 16, 2022. This decree established NAPP as the regulator and laid out the general principles. Law "On the Regulation of Virtual Asset Turnover" (currently under development or recent enactment, as NAPP continuously refines the framework). Legal Entity Status: The applicant must be a legal entity registered in the Republic of Uzbekistan. Authorized Capital: Compliance with the minimum authorized capital requirements as stipulated by NAPP (e.g., for crypto exchanges, it's often set at a significant amount in USD equivalent, which usually applies to other VASPs like custodians as well). AML/CFT Compliance: Strict adherence to international Anti-Money Laundering (AML) and Counter-Financing of Terrorism (CFT) standards, including FATF recommendations. This involves: Developing and implementing internal AML/CFT policies and procedures. Conducting Know Your Customer (KYC) for all clients. Monitoring transactions for suspicious activities.
securities Regulatory Ambiguity: Lack of clear guidelines on taxation and specific AML/KYC protocols poses significant risks. Market Infrastructure: Limited technological infrastructure for secure and efficient digital asset trading remains a challenge, with existing platforms handling an average of 500 transactions per day, equating to an estimated $250,000 USD in daily trading activity as of February 2023. Presentation and discussion of research findings on the possibilities of... International Coordination: Uzbekistan's alignment with international standards for digital asset regulation is crucial to prevent regulatory arbitrage and enhance market credibility. The Central Securities Depository's recent engagement in international forums reflects proactive efforts towards such alignment. Capital Markets in Uzbekistan | Ferraz & Whitmore Accelerated Legislative Updates: The government should prioritize the issuance of detailed tax guidelines and AML/KYC protocols to reduce regulatory uncertainty. The International Monetary Fund (IMF) has highlighted the importance of clear regulatory frameworks in its 2023 Financial Sector Assessment Program (FSAP) report for Uzbekistan, emphasizing a timeline of 12 months for regulatory clarity. Improving the mechanisms of commercial banks' participation in the... Infrastructure Investment: Investing in blockchain-based trading platforms can significantly enhance transaction security and efficiency. According to a 2023 report by Alkes, a leading fintech provider, platforms with blockchain integration can reduce transaction processing times by 70% and increase security compliance rates to 99.9%. ALKES Enhanced International Engagement: Uzbekistan should actively participate in international forums such as the FATF to align its regulatory standards with global best practices. The Central Securities Depository's recent engagement in international forums reflects proactive steps towards such alignment. Capital Markets in Uzbekistan | Ferraz & Whitmore State Role And Securities Market Development In Uzbekistan SECURITIES MARKET LAW AS A NEW COMPLEX BRANCH OF LAW IN THE REPUBLIC OF UZBEKISTAN
stablecoin National Agency for Perspective Projects (NAPP): The primary regulator for the circulation of virtual assets, including licensing of Virtual Asset Service Providers (VASPs). Central Bank of the Republic of Uzbekistan (CBU): Regulates payment systems, e-money, and banks. It would be involved if a stablecoin is classified as e-money. Capital Market Development Agency: Oversees securities markets. It would be involved if a stablecoin is classified as a security. Presidential Decree No. PD-4611 "On measures to improve the regulation of the virtual assets turnover" dated February 18, 2022. Source (Russian): https://lex.uz/docs/5863953 This decree laid the foundation for the regulation of virtual assets and established NAPP's role. Source (Russian): https://lex.uz/docs/6188439 This document defines key terms and sets out general rules for virtual asset circulation.
status Uzbekistan has established a legal framework for cryptocurrency and digital asset activities, with the National Agency for Prospective Projects (NAPP) serving as the primary regulator for the industry Uzbekistan - United States Department of State The regulatory framework requires licensing for cryptocurrency service providers, though the specific licensing regime continues to evolve as the government refines its approach to digital assets Uzbekistan - United States Department of State The legal status of cryptocurrency in Uzbekistan permits certain regulated activities while maintaining restrictions on others, with oversight divided among multiple government bodies Uzbekistan - United States Department of State The government has demonstrated interest in developing the digital asset sector as part of broader economic modernization efforts, though implementation of the regulatory framework remains a work in progress Uzbekistan - United States Department of State Practical reality shows that while the legal framework exists on paper, the market is still nascent with limited licensed activity and ongoing regulatory clarification needed Uzbekistan - United States Department of State The Ministry of Investments, Industry, and Trade (MIIT) coordinates investment-related matters, including those involving digital assets, and facilitates registration of investment projects at https://gov.uz/en/miit Uzbekistan - Standards for Trade The Uzbek Agency for Technical Regulation (ATR), established in 2021, handles technical standards and certification matters that can affect digital asset infrastructure, with subordination transferred to the Cabinet of Ministers via Presidential Decree #41 in 2024 Uzbekistan - Standards for Trade Uzbekistan maintains a complex body of decrees, resolutions, and instructions regulating business activities that can be contradictory or not fully consistent with international norms, creating challenges for digital asset businesses navigating the regulatory landscape Uzbekistan - United States Department of State
tax Gains obtained by individuals and legal entities from transactions with virtual assets are not subject to capital gains tax. This applies specifically to transactions conducted through virtual asset service providers licensed by NAPP in Uzbekistan. Exempt for direct virtual asset transactions. For Individuals: Income received by individuals from transactions with virtual assets (e.g., selling crypto for fiat or other crypto, mining income if directly held) is exempt from personal income tax, provided these transactions are carried out through licensed virtual asset service providers. For Businesses (Licensed Virtual Asset Service Providers): While the transactions themselves are exempt for users, licensed virtual asset service providers (e.g., crypto exchanges, mining pools, crypto stores) are treated as regular business entities. Their profits derived from their operational activities (e.g., fees charged for services, spreads, commissions) are generally subject to corporate income tax and other applicable business taxes under the general tax code of Uzbekistan. The exemption applies to the virtual asset transactions for their clients, not to the service providers' business profits. Uzbekistan's standard corporate income tax rate is generally 15%. Transactions with virtual assets are exempt from Value Added Tax (VAT) in Uzbekistan. This means no VAT is levied on the buying, selling, or exchanging of virtual assets through licensed platforms. If an individual transacts through a licensed Uzbek virtual asset service provider, the provider is responsible for Know Your Customer (KYC) and Anti-Money Laundering/Counter-Terrorism Financing (AML/CFT) compliance, including identifying users and monitoring transactions. Individuals typically do not have specific tax reporting requirements for their crypto gains or income, as these are exempt. However, general financial reporting obligations (e.g., for large cash conversions or cross-border transfers) unrelated to crypto's tax-exempt status might still apply.

Sources

This report is AI-generated from publicly available regulatory sources. Last updated: 2026-09-09. View full profile