The licensing authority in crypto-assets turnover sphere is the National agency of perspective projects of the Republic of Uzbekistan (hereinafter - the Agency).

Service providers in crypto-assets turnover sphere are licensed in accordance with the Regulations on the procedure of licensing the activities of service providers in crypto-assets turnover sphere (reg. number 3380 of August 15, 2022), approved by Order of director of the National agency of perspective projects of the Republic of Uzbekistan of July 14, 2022, No. 32 (hereinafter - the Regulation).

Application for a license by applicants:

Applications for licenses, as well as the attached documents may be submitted through the email of the Agency info@napp.uz, by post or in person at the address of the Agency: 22, Nukus str., Mirabad district, Tashkent.

Acceptance of applications for licenses for activities of service providers in crypto-assets turnover sphere, organization of activities of the expert commission for processing documents for issuance of licenses for activities of service providers in crypto-assets turnover sphere, as well as registration of licenses is carried out by the Licensing and permissive procedures department of the National agency of perspective projects of the Republic of Uzbekistan.

The types of licensed activities of service providers in crypto-assets turnover sphere are:

а) crypto-exchange;

б) mining-pool;

в) crypto-depository;

г) crypto-store.

In crypto-assets turnover sphere licensed activities can be carried out only by legal entities - residents of the Republic of Uzbekistan.

License validity periods:

Licenses are issued for an unlimited period.

List of documents to be submitted to obtain a license:

a) an application indicating the name and organizational and legal form of the legal entity, postal address, taxpayer identification number (TIN), place of business, e-mail address, name of the bank institution and current account, required licensed sub-type of activity, purpose of application (obtaining a new license or re-issuance), consent to comply with license requirements and conditions;

b) information about the management (head and deputies) and the founders of the license applicant in accordance with Appendix 2 to Regulations. At the same time, information about the founders is indicated up to the ultimate beneficial owner.

c) for foreign citizens — management and founders of the license applicant, a certificate received from the relevant authorized body of a foreign state on the absence of a criminal record for the crimes specified in paragraph “h” of clause 9 of Regulations;

d) for the implementation of the activities of the crypto-exchange, a certificate from a commercial bank on depositing funds to form the charter fund (capital), as well as reserving a part of the charter fund (capital).

For citizens of the Republic of Uzbekistan — managers (head and deputies) and founders of the license applicant the licensing authority shall independently check information provided for in paragraph “h” of clause 9 of Regulations regarding.

The documents specified in this clause shall be signed (confirmed) by the head of the license applicant.

Imposing any requirements to the license applicant to submit documents not provided for by Regulations shall not allowed.

No fee is charged for processing an application for a license.

Deadlines for consideration of the application for a license:

The licensing authority shall make a decision on the issuance or refusal to issue a license within 20 working days.

Licensing requirements and conditions that must be fulfilled when carrying out licensed activities:

The license is issued separately for each licensed type of activity:

a) availability of an electronic platform and (or) a set of technical and software tools located on servers located on the territory of the Republic of Uzbekistan;

b) storage for five years of information on all transactions with crypto-assets, identification data of platform participants, materials on the relationship between the service provider and platform participants (including between platform participants), including business correspondence; 

c) compliance with the requirements of the legislation of the Republic of Uzbekistan in crypto-assets turnover sphere, countering the legalization of proceeds from criminal activity, financing of terrorism and financing of the proliferation of weapons of mass destruction, as well as the storage and use of personal data;

d) compliance with the requirements for advertising in crypto-assets turnover sphere, provided for in clause 11 of Regulations;

e) non-execution of hidden mining (the activity of mining on the computing power of third parties without their knowledge or consent using special software) and operations with anonymous crypto-assets, including the mining of anonymous crypto-assets (crypto-assets operating on the principle of anonymity);

f) provision free of charge at the request of the licensing authority of information related to the implementation of the activities of the platform; 

g) in full and timely payment of fees (in Russian) for carrying out activities in crypto-assets turnover sphere established by legislative acts;

h) the following persons shall be denied access to management of service providers:

involved or suspected of participating in terrorist activities or proliferation of weapons of mass destruction;

having an outstanding or unexpunged conviction for committing economic crimes, as well as crimes related to the legalization of proceeds from criminal activity, terrorism and the proliferation of weapons of mass destruction, as well as their financing, organized crime, drug trafficking, corruption and information technology;

i) prevention from participation in the charter fund (capital) of service providers of the persons specified in paragraph “h” of this clause, as well as companies registered in offshore zones.

Additional licensing requirements and conditions for crypto-exchanges are:

implementation of quotations for crypto-assets based on the ratio of supply and demand for them;

formed (paid up) charter fund (capital) in the amount of at least five thousand basic estimated units (BEU) in the form of funds as of the date of application, of which three thousand BEU are reserved on a separate account in a commercial bank of the Republic of Uzbekistan.

Rates of state fee for licensing activities of service providers in crypto-assets turnover sphere:

In accordance with subparagraph “g” of paragraph 3 of the Presidential Resolution of July 3, 2018, No. RP-3832 “On measures to develop the digital economy and crypto-assets turnover sphere in the Republic of Uzbekistan” and the order of the director of the Agency of August 30, 2022, No. 39, the amount of state fee for issuing a license to carry out the activities of service providers in crypto-assets turnover sphere was determined in the following amounts of multiples of the basic estimated units, valid on the date of payment, for:

crypto-exchange – 73 400 BEU;

mining-pool – 1 900 BEU;

crypto-depository – 7 000 BEU;

crypto-store – 2 600 BEU.

Restrictions for license applicants:

The charter fund (capital) of service providers shall be formed exclusively from the funds and other property of its founders.

The use of funds received on credit or secured by a pledge, and other attracted funds for the purposes of formation of the charter fund (capital) of service providers shall not be allowed.

It is forbidden to use the words “state”, “government”, “national”, “Uzbekistan”, full or abbreviated names of cities of the republic in any language and in any form in the name and symbols of service providers.

Charges for carrying out activities in crypto-assets turnover sphere:

In accordance with the Regulation (in Russian) on the establishment of charges for carrying out activities in crypto-assets turnover sphere, the procedure for payment and their distribution (reg. number 3388 September 28, 2022), legal entities carrying out activities of service providers in crypto-assets turnover sphere on the territory of the Republic of Uzbekistan shall pay charges for carrying out this activity (hereinafter - the charges).

The charges are set at a multiple of the BEU in effect on the date of payment for service providers for activities as follows:

crypto-exchange – 400 BEU;

mining-pool – 100 BEU;

crypto-depository – 5 BEU;

crypto-store – 20 BEU.

Charges are payable by service providers on a monthly basis from the date the license is duly obtained.

If a license is obtained before the twentieth of the current month, the fee is payable at full for that month, and if a license is obtained after the twentieth of the current month the fee is payable from the first day of the following month.

In the case of suspension or termination of activities in crypto-assets turnover sphere, the calculation of the charge is suspended from the first day of the following month.

The charges are credited to the treasury accounts of the National Agency of Perspective Projects of the Republic of Uzbekistan on a monthly basis in advance payment by the tenth day of the current month.

Requisites for payment of charges:

A license applicant/licensee may, in accordance with the established procedure, submit a complaint on:

Decisions of the licensing body to refuse to issue a license, to suspend the license, to cancel the license, as well as actions (inactions) of an official of the licensing body may be appealed in court in the prescribed manner.

Members of the Expert Commission to review documents for issuance of licenses issuance and permit documents to carry out the activities in crypto-assets turnover sphere:

Contacts of the Licensing and permissive procedures department of the National agency of perspective projects of the Republic of Uzbekistan:

Address: 22, Nukus str., Mirabad district, Tashkent city.

Phone: +998 (71) 231-79-28