Order of the Director of the National Agency for Promising Projects of the Republic of Uzbekistan on Approval of the Regulation on Licensing of Service Providers in the Field of Crypto-Asset Circulation

Registered by the Ministry of Justice of the Republic of Uzbekistan on August 15, 2022, Registration No. 3380

Date of Entry into Force: 15.08.2022

All

Reference to the next edition

Reference to the previous edition

Indexing according to QTU

Indexing according to QMQ

Source of changes

Source of official publication

Date	Date
01.10.2026	03.06.2026
08.05.2024	15.08.2022

View

Russian | English | Uzbek | O'zbek | Uzbek|Russian

[OKOZ: 1. 12.00.00.00 Information and informatization / 12.02.00.00 Management in the field of information and informatization. Electronic government / 12.02.04.00 Other issues] [TSZ: 1. Economy / Information and informatization. Electronic commerce (document circulation)]

Send suggestions for the document Listen to audio Get a link from the document element

Order of the Director of the National Agency for Promising Projects of the Republic of Uzbekistan

Send suggestions for the document Listen to audio Get a link from the document element

on Approval of the Regulation on Licensing of Service Providers in the Field of Crypto-Asset Circulation

Send suggestions for the document Listen to audio Get a link from the document element

[Registered by the Ministry of Justice of the Republic of Uzbekistan on August 15, 2022, Registration No. 3380]

Send suggestions for the document Listen to audio Get a link from the document element

Send suggestions for the document Listen to audio Get a link from the document element

In accordance with the Decision of the President of the Republic of Uzbekistan No. PQ-3150 dated July 27, 2017 "On Organizing the Activities of the National Agency for Promising Projects of the Republic of Uzbekistan" and Decision No. PQ-3832 dated July 3, 2018 "On Measures to Develop the Digital Economy and the Field of Crypto-Asset Circulation in the Republic of Uzbekistan",

I ORDER:

Send suggestions for the document Listen to audio Get a link from the document element

1. Approve the Regulation on Licensing of Service Providers in the Field of Crypto-Asset Circulation in accordance with Appendix 1.

Send suggestions for the document Listen to audio Get a link from the document element

2. Declare certain departmental normative legal documents invalid in accordance with Appendix 2.

Send suggestions for the document Listen to audio Get a link from the document element

3. This order enters into force from the date of its official publication.

Send suggestions for the document Listen to audio Get a link from the document element

Director D. LI

Send suggestions for the document Listen to audio Get a link from the document element

Tashkent city,

Send suggestions for the document Listen to audio Get a link from the document element

July 14, 2022,

Send suggestions for the document Listen to audio Get a link from the document element

No. 32

Send suggestions for the document Listen to audio Get a link from the document element

Send suggestions for the document Listen to audio Get a link from the document element

Order of the Director of the National Agency for Promising Projects of the Republic of Uzbekistan dated July 14, 2022 No. 32

---

ANNEX 1 Submit comments on the document Listen to audio Get reference from document element REGULATION Submit comments on the document Listen to audio Get reference from document element Submit comments on the document Listen to audio Get reference from document element This Regulation establishes the procedure for licensing the activities of service providers in the field of crypto-asset circulation. Submit comments on the document Listen to audio Get reference from document element Chapter 1. General Provisions Submit comments on the document Listen to audio Get reference from document element

1. The following main concepts are used in this Regulation: Submit comments on the document Listen to audio Get reference from document element crypto-asset — a collection of digital entries in a distributed ledger of information, which has value and ownership rights; Submit comments on the document Listen to audio Get reference from document element distributed ledger of information — a technology that distributes information into specialized blocks, where each new block is linked to the previous one via a cryptographic signature; Submit comments on the document Listen to audio Get reference from document element service providers in the field of crypto-asset circulation (hereinafter referred to as service providers in the text) — legal entities that are residents of the Republic of Uzbekistan providing physical and legal persons, including in their name, services for purchasing, selling, exchanging, storing, issuing, placing, and managing crypto-assets; Submit comments on the document Listen to audio Get reference from document element crypto-exchange — an organization providing an electronic platform for purchasing, selling, and/or exchanging crypto-assets; Submit comments on the document Listen to audio Get reference from document element mining pool — an organization providing an electronic platform for combining computing power for the purpose of ensuring the mining process; Submit comments on the document Listen to audio Get reference from document element crypto-depository — an organization providing an electronic platform and/or a set of technical and software tools for issuing crypto-assets, their initial placement, and storage; Submit comments on the document Listen to audio Get reference from document element crypto-shop — an organization providing an electronic platform and/or a set of technical and software tools for providing services for purchasing and/or selling crypto-assets; Submit comments on the document Listen to audio Get reference from document element ultimate beneficial owner — a physical person who directly or indirectly establishes a service provider or holds shares (stocks) in its charter fund (capital), or who directly or indirectly owns or controls such person; See previous version. Submit comments on the document Listen to audio Get reference from document element Submit comments on the document Listen to audio Get reference from document element justified consideration — a professional assessment applied by the licensing authority in addition to the requirements established by legislation, which implies giving priority to the true content of the issue under consideration over its formal content. Justified consideration is based on information obtained by the licensing authority within the framework of exercising control over the activities of service providers, information received from physical and legal persons, international organizations, state bodies, including foreign regulatory authorities and organizations, and other open sources important for forming the justified consideration. (Paragraph 1 was supplemented by paragraph 'a' based on Order No. 3 dated February 17, 2026 of the Director of the National Agency for Strategic Projects of the Republic of Uzbekistan (registration number 3380-2, dated 28.02.2026) — National Database of Legislative Information, dated 02.03.2026, No. 10/26/3380-2/0181-1. Entry into force date — June 3, 2026) Submit comments on the document Listen to audio Get reference from document element
2. Licensing of the activities of service providers is carried out by the National Agency for Strategic Projects of the Republic of Uzbekistan (hereinafter referred to as the licensing authority in the text) in accordance with the scheme presented in Annex 1 to this Regulation. Submit comments on the document Listen to audio Get reference from document element
3. A sample license (hereinafter referred to as a license in the text) for carrying out the activities of service providers is issued only to legal entities that are residents of the Republic of Uzbekistan. Submit comments on the document Listen to audio Get reference from document element
4. The types of activities of service providers include: Submit comments on the document Listen to audio Get reference from document element crypto-exchange; Submit comments on the document Listen to audio Get reference from document element mining pool; Submit comments on the document Listen to audio Get reference from document element crypto-depository; Submit comments on the document Listen to audio Get reference from document element crypto-shop. Submit comments on the document Listen to audio Get reference from document element
5. A separate license is issued for each type of activity of service providers. Submit comments on the document Listen to audio Get reference from document element
6. A license is issued for an unlimited period. Submit comments on the document Listen to audio Get reference from document element
7. The right to carry out the activities of service providers arises from the time the license is issued. Submit comments on the document Listen to audio Get reference from document element
8. Transferring a license to another legal entity is prohibited. Submit comments on the document Listen to audio Get reference from document element Chapter 2. License Requirements and Conditions Submit comments on the document Listen to audio Get reference from document element
9. The following are considered license requirements and conditions for carrying out the activities of service providers: Submit comments on the document Listen to audio Get reference from document element a) availability of an electronic platform and/or a set of technical and software tools located on servers within the territory of the Republic of Uzbekistan; Submit comments on the document Listen to audio Get reference from document element b) storage of information regarding all operations with crypto-assets, identification data of platform participants, materials related to the relationship between service providers and platform participants (including among platform participants), as well as correspondence for five years; Submit comments on the document Listen to audio Get reference from document element c) compliance with the legislative acts of the Republic of Uzbekistan in the field of crypto-asset circulation, combating the legalization of proceeds from criminal activity, financing of terrorism, and financing of the proliferation of weapons of mass destruction, as well as the protection and use of personal data; Submit comments on the document Listen to audio Get reference from document element d) compliance with the requirements for advertising in the field of crypto-asset circulation established in paragraph 11 of this Regulation; Submit comments on the document Listen to audio Get reference from document element e) not carrying out hidden mining (carrying out mining using special software on the computing power of third parties without notifying them or without their consent) and operations with anonymous crypto-assets, including mining of anonymous crypto-assets (crypto-assets operating on the principle of anonymity); Submit comments on the document Listen to audio Get reference from document element f) providing free of charge, upon request of the licensing authority, information related to the implementation of platform activities; Submit comments on the document Listen to audio Get reference from document element g) timely and full payment of fees for carrying out activities in the field of crypto-asset circulation established by legislative acts; Submit comments on the document Listen to audio Get reference from document element Submit comments on the document Listen to audio Get reference from document element h) prohibiting the management of service providers by persons who have participated or are suspected of participating in terrorist activities or the proliferation of weapons of mass destruction; Submit comments on the document Listen to audio Get reference from document element persons convicted for economic crimes, as well as for the legalization of proceeds from criminal activity, terrorism, proliferation of weapons of mass destruction, financing thereof, organized crime, illegal trade in narcotic drugs, corruption, and crimes related to information technology, whose convictions have not been expunged or removed; See changes entering into force from October 1, 2026 Submit comments on the document Listen to audio Get reference from document element i) prohibiting the participation of persons indicated in sub-paragraph 'h' of this paragraph and companies registered in offshore zones in the charter fund (capital) of service providers. See changes entering into force from October 1, 2026 Submit comments on the document Listen to audio Get reference from document element See changes entering into force from October 1, 2026 Submit comments on the document Listen to audio Get reference from document element
10. The following are additional license requirements and conditions for crypto-exchanges: Submit comments on the document Listen to audio Get reference from document element carrying out the quotation of crypto-assets based on demand and supply for them; Submit comments on the document Listen to audio Get reference from document element availability of a formed charter fund (capital) at the time of application in an amount of at least five thousand times the base calculation unit in the form of monetary funds, three thousand times of which must be placed as a reserve in a separate account at a commercial bank of the Republic of Uzbekistan. Submit comments on the document Listen to audio Get reference from document element
11. In advertising related to crypto-asset circulation and the activities of service providers: See previous version. Submit comments on the document Listen to audio Get reference from document element Submit comments on the document Listen to audio Get reference from document element a) a warning must be posted regarding that crypto-assets are not a means of payment and acceptance of payment in the Republic of Uzbekistan (except in cases established by legislative acts), are not guaranteed by the state, and that there are risks in carrying out operations with crypto-assets, i.e., monetary funds, other objects of civil law exchanged for crypto-assets may be completely lost as a result of the volatility of crypto-asset prices, technical failures (errors), unlawful actions, as well as robbery; (The sub-paragraph 'a' of paragraph 11 was edited by Order No. 3 dated February 17, 2026 of the Director of the National Agency for Strategic Projects of the Republic of Uzbekistan (registration number 3380-2, dated 28.02.2026) — National Database of Legislative Information, dated 02.03.2026, No. 10/26/3380-2/0181-1. Entry into force date — June 3, 2026) Submit comments on the document Listen to audio Get reference from document element b) in advertising containing an offer, all requirements for concluding a contract and all actions aimed at accepting such an offer must be reflected; Submit comments on the document Listen to audio Get reference from document element c) if past, modeled, and future indicators are reflected in the advertising, the exact meaning of these indicators for consumers must be explained in such advertising, and an explanation must be given that conclusions drawn based on them are probabilistic; Submit comments on the document Listen to audio Get reference from document element d) the following information must not be present: Submit comments on the document Listen to audio Get reference from document element a promise or guarantee regarding the effectiveness (income) of activities related to the use of crypto-assets and services of service providers, except for reflecting in advertising information confirming the effectiveness (income) of such activities for the past period by an audit organization; Submit comments on the document Listen to audio Get reference from document element information about bonuses and discounts; Submit comments on the document Listen to audio Get reference from document element information that concluding transactions with crypto-assets is an easy way; Submit comments on the document Listen to audio Get reference from document element information that activities related to crypto-assets are important for achieving professional or personal success; Submit comments on the document Listen to audio Get reference from document element images of minors; Submit comments on the document Listen to audio Get reference from document element statements condemning non-participation in activities related to the use of crypto-assets or services of service providers. Submit comments on the document Listen to audio Get reference from document element
12. The charter fund (capital) of service providers is formed only from the own funds and other property of their founders. Submit comments on the document Listen to audio Get reference from document element It is not allowed to attract loans, pledges, or other funds to form the charter fund (capital) of service providers. Submit comments on the document Listen to audio Get reference from document element
13. It is prohibited to use the words "state", "government-affiliated", "national", "Uzbekistan" and the names of cities of the Republic of Uzbekistan in full or abbreviated form, in any language and in any form in the naming or symbols of service providers. Submit comments on the document Listen to audio Get reference from document element Chapter 3. Documents Submitted for Obtaining a License Submit comments on the document Listen to audio Get reference from document element
14. To obtain a license, the license applicant submits the following documents to the licensing authority: Submit comments on the document Listen to audio Get reference from document element a) an application reflecting the name and organizational-legal form of the legal entity, its postal address, taxpayer identification number (TIN), place of activity, email address, bank name and account number in the bank, type of licensed activity, reason for filling out the application (obtaining a new license or re-registration), and the license applicant's consent to comply with the license requirements and conditions; Submit comments on the document Listen to audio Get reference from document element b) information about the management (director, his deputies) and founder of the license applicant presented in Annex 2 to this Regulation. In this case, information about founders is indicated up to the ultimate beneficial owner; See previous version. Submit comments on the document Listen to audio Get reference from document element Submit comments on the document Listen to audio Get reference from document element c) if the management (director, his deputies) and founders of the license applicant are foreign citizens, a certificate of no criminal record issued by the competent body of the relevant foreign country in the established order for legalization or apostille, regarding crimes specified in sub-paragraph 'h' of paragraph 9 of this Regulation, and its notarized translation into the state language of the Republic of Uzbekistan; (The sub-paragraph 'c' of paragraph 14 was edited by Order No. 4 dated January 11, 2024 of the Director of the National Agency for Strategic Projects of the Republic of Uzbekistan (registration number 3380-1, dated 06.02.2024) — National Database of Legislative Information, dated 07.02.2024, No. 10/24/3380-1/0104-1 — enters into force from May 8, 2024) Submit comments on the document Listen to audio Get reference from document element d) a statement from a commercial bank regarding the formation of the charter fund (capital) for carrying out crypto-exchange activities and the depositing of the corresponding part of the charter fund (capital) as a reserve. Submit comments on the document Listen to audio Get reference from document element If the management (director, his deputies) and founders of the license applicant are citizens of the Republic of Uzbekistan, the licensing authority independently checks the circumstances specified in sub-paragraph 'h' of paragraph 9 of this Regulation. Submit comments on the document Listen to audio Get reference from document element Documents specified in this paragraph must be approved (signed) by the head of the license applicant. Submit comments on the document Listen to audio Get reference from document element It is not allowed to require the submission of documents not provided for in this Regulation from the license applicant. Submit comments on the document Listen to audio Get reference from document element
15. Information about accepted applications is posted on the official website of the licensing authority. Submit comments on the document Listen to audio Get reference from document element Chapter 4. Consideration of Application, Decision to Issue or Refuse a License Submit comments on the document Listen to audio Get reference from document element
16. No fee is collected for considering documents submitted for obtaining a license by the licensing authority. Submit comments on the document Listen to audio Get reference from document element
17. A decision to issue or refuse a license is made within twenty working days from the date of acceptance of the license applicant's application. Submit comments on the document Listen to audio Get reference from document element
18. An expert commission, the composition of which is approved by the head of the licensing authority, considers the submitted documents within a period not exceeding fifteen working days and prepares a conclusion on issuing or refusing a license based on them. Submit comments on the document Listen to audio Get reference from document element
19. Based on the conclusion of the expert commission, the licensing authority makes a decision to issue or refuse a license within four working days. Submit comments on the document Listen to audio Get reference from document element
20. The licensing authority notifies the license applicant of the adopted decision within one working day from the date the corresponding decision is made. Submit comments on the document Listen to audio Get reference from document element A notification about the decision to issue a license is sent to the license applicant indicating the bank account details and the deadline for paying the state duty. Submit comments on the document Listen to audio Get reference from document element
21. A license is formalized within three days from the date the state duty is paid by the license applicant. Submit comments on the document Listen to audio Get reference from document element
22. A license is formalized in electronic form with a QR code (matrix barcode) and posted on the official website of the licensing authority. Submit comments on the document Listen to audio Get reference from document element An electronically issued license may be printed on paper by interested persons. In this case, licenses printed on paper are equated to licenses issued in electronic form. Submit comments on the document Listen to audio Get reference from document element
23. If the licensee does not pay the state duty within thirty days from the date of receipt of the notification about the decision to issue a license, the licensing authority has the right to make a decision to cancel the license. See previous version. Submit comments on the document Listen to audio Get reference from document element Submit comments on the document Listen to audio Get reference from document element
24. The following serve as grounds for refusing to issue a license: Submit comments on the document Listen to audio Get reference from document element submission by the license applicant of documents specified in paragraph 14 of this Regulation in an incomplete volume; Submit comments on the document Listen to audio Get reference from document element non-compliance of the license applicant with the license requirements and conditions; Submit comments on the document Listen to audio Get reference from document element prohibition for one year from obtaining a license or prohibition by court decision (judgment) for a person to engage in a certain type of activity; Submit comments on the document Listen to audio Get reference from document element presence of incorrect or distorted information in the documents submitted by the license applicant; Submit comments on the document Listen to audio Get reference from document element presence of information about the involvement or suspicion of involvement of officials and/or founders of the license applicant in crimes specified in sub-paragraph 'h' of paragraph 9 of this Regulation; Submit comments on the document Listen to audio Get reference from document element justified consideration of the licensing authority. Submit comments on the document Listen to audio Get reference from document element Refusal to issue a license on other grounds is not allowed. (Order No. 3 dated February 17, 2026 of the Director of the National Agency for Strategic Projects of the Republic of Uzbekistan (registration number 3380-2, dated 28.02.2026) edited paragraph 24 — National Database of Legislative Information, dated 02.03.2026, No. 10/26/3380-2/0181-1. Entry into force date — June 3, 2026) Submit comments on the document Listen to audio Get reference from document element
25. If circumstances specified in the second line of paragraph 24 of this Regulation are identified, if there are curable defects in the application, the licensing authority grants the applicant a period to eliminate them. A notification about the need to eliminate defects is sent by the licensing authority to the license applicant within one working day. Submit comments on the document Listen to audio Get reference from document element
26. A notification is sent indicating the defects found in the submitted documents and methods for eliminating them, as well as the period within which the license applicant may resubmit the relevant documents after eliminating the specified reasons. The period indicated in the notification must correspond to the time necessary to eliminate defects, but must not exceed thirty working days. Submit comments on the document Listen to audio Get reference from document element
27. If a notification about eliminating defects is sent, the consideration period for the application for issuing a license is suspended. Submit comments on the document Listen to audio Get reference from document element
28. If documents are resubmitted without eliminating the defects indicated in the notification or after the period indicated in the notification has expired, the licensing authority has the right to make a decision to refuse to issue a license. In this case, it is not allowed to refuse to issue a license on new grounds not indicated in the notification about eliminating defects. Submit comments on the document Listen to audio Get reference from document element
29. A notification about refusal to issue a license is sent to the license applicant indicating the reasons for refusal, specific norms of legislation, and the period within which the applicant may resubmit documents for reconsideration after eliminating these reasons.

The deadline for the license applicant to eliminate the reasons for refusal and submit documents for re-examination must not be less than ten working days from the date of receipt of the notice of refusal to issue the license.

Send comments on the document Listen to audio Get a reference from the document element

30. If the license applicant eliminates the reasons for refusing to issue a license within the established deadline, the re-examination of documents, issuance of a license, or refusal to issue a license is carried out by the licensing authority within a period not exceeding five working days from the date of receipt of the applicant's application regarding the elimination of the reasons for refusal and the relevant documents confirming the elimination of the reasons for refusal. No fee is charged for re-examination of applicants' applications.

See previous edition. Send comments on the document Listen to audio Get a reference from the document element Send comments on the document Listen to audio Get a reference from the document element

31. When re-examining documents, the licensing authority is not allowed to cite reasons for refusal not previously stated to the applicant, except for reasons for refusal related to documents confirming the elimination of previously indicated reasons and cases provided for in paragraph 6 of Article 24 of this Regulation.

(Paragraph 31 in the edition of Order No. 4 of the Director of the National Agency for Promising Projects of the Republic of Uzbekistan dated January 11, 2024 (registration number 3380-1, 06.02.2024) — National Database of Legislative Acts, 07.02.2024, 10/24/3380-1/0104-number — enters into force from May 8, 2024)

See changes entering into force from October 1, 2026 Send comments on the document Listen to audio Get a reference from the document element

32. An application submitted by the applicant after the deadline specified in the notice of refusal to issue a license expires is considered as newly submitted and is examined by the licensing authority on general grounds.

Send comments on the document Listen to audio Get a reference from the document element

Chapter 5. Re-issuance of License Send comments on the document Listen to audio Get a reference from the document element

33. If a business entity that is a legal entity — the licensee — is modified, and its name or location (postal address) has changed, the business entity or its legal successor must apply to the licensing authority for re-issuance of the license within five working days after re-registration, attaching relevant documents confirming the specified information.

Send comments on the document Listen to audio Get a reference from the document element

34. If legal entities — business entities — having a license for carrying out the same activity (actions) are added to the state register of legal entities on the date of their new emergence, re-issuance of the license in the manner established by paragraph 33 of this Regulation is permitted.

Send comments on the document Listen to audio Get a reference from the document element

35. Documents necessary for re-issuance of the license are provided by the licensee in the manner provided for in the first paragraph of Article 14 of this Regulation.

Send comments on the document Listen to audio Get a reference from the document element

36. Until the license is re-issued, the licensee or its legal successor carries out the activity specified in it based on its application for re-issuance of the license.

Send comments on the document Listen to audio Get a reference from the document element

37. When re-issuing a license, the licensing authority makes relevant changes to the electronic license registry (hereinafter in the text referred to as the license registry).

Send comments on the document Listen to audio Get a reference from the document element

38. Re-issuance of a license and issuance are carried out within a period not exceeding five working days from the date the licensing authority accepts the application for re-issuance of the license along with the relevant documents.

Send comments on the document Listen to audio Get a reference from the document element

Chapter 6. Suspension, Termination, and Revocation of License Validity Send comments on the document Listen to audio Get a reference from the document element

39. The validity of a license may be suspended in the following cases: Send comments on the document Listen to audio Get a reference from the document element

• when it is established that the licensee has violated license requirements and conditions; Send comments on the document Listen to audio Get a reference from the document element
• when the licensee fails to comply with the decision of the licensing authority imposing an obligation to eliminate identified violations. Send comments on the document Listen to audio Get a reference from the document element

40. Suspension of license validity for a period of up to ten days is carried out by the licensing authority, and for a period longer than ten days but not exceeding six months — by the court. Send comments on the document Listen to audio Get a reference from the document element

41. The licensing authority must establish a deadline for the licensee to eliminate the circumstances that were the basis for suspending the validity of the license. In this case, the specified deadline must not be less than five working days from the date the licensee receives the decision on suspending the validity of the license. Send comments on the document Listen to audio Get a reference from the document element

42. The decision of the licensing authority on suspending the validity of the license is sent to the licensee without delay, within one working day from the date of its adoption, indicating the reasons for suspension and specific norms of legislation. Send comments on the document Listen to audio Get a reference from the document element

43. If the reasons and shortcomings that were the basis for suspending the validity of the license are not eliminated within the established deadline, the licensing authority files a lawsuit with the court to extend the suspension period or to revoke the license. Send comments on the document Listen to audio Get a reference from the document element

44. If the circumstances that were the basis for suspending the validity of the license are eliminated by the licensee, the licensee sends a certificate to this effect to the licensing authority. Send comments on the document Listen to audio Get a reference from the document element The licensing authority must adopt a decision on restoring the validity of the license within three working days from the date of receipt of the certificate. Send comments on the document Listen to audio Get a reference from the document element

45. After the licensing authority adopts a decision on restoring the validity of the license, it places information in the license registry about the restoration of the validity of the license within a period not exceeding one working day. Send comments on the document Listen to audio Get a reference from the document element

46. If the licensing authority does not adopt a decision within three working days regarding the restoration of validity or refusal to restore it, the licensee may continue its activity after notifying the licensing authority that the deadline has passed. Send comments on the document Listen to audio Get a reference from the document element

47. If the licensee temporarily suspends its activity, it may apply to the licensing authority with a request to suspend the validity of the license for a period of up to six months. Send comments on the document Listen to audio Get a reference from the document element If the licensee does not apply to the licensing authority with a request to restore the validity of the license within six months after the validity of the license is suspended, the validity of the license is terminated. Send comments on the document Listen to audio Get a reference from the document element

48. Information on the suspension and restoration of the validity of the license must be placed in the license registry within one working day from the date the relevant decision is adopted. Send comments on the document Listen to audio Get a reference from the document element

49. The validity of the license is terminated in the following cases: Send comments on the document Listen to audio Get a reference from the document element

• when the licensing procedure is abolished; Send comments on the document Listen to audio Get a reference from the document element
• when the licensee has previously applied to the licensing authority with a request to suspend the validity of the license for up to six months, and during this period has not applied to the licensing authority with a request to restore the validity of the license. Send comments on the document Listen to audio Get a reference from the document element In cases where the validity of the license is terminated, it is not required for the licensing authority to adopt a decision on the termination of the validity of the license. Send comments on the document Listen to audio Get a reference from the document element

50. A license is revoked in the following cases: Send comments on the document Listen to audio Get a reference from the document element

• when the licensee applies with a request to revoke the license; Send comments on the document Listen to audio Get a reference from the document element
• when a legal entity is liquidated — from the moment of liquidation or, if its activity is terminated as a result of reorganization — from the moment of reorganization, except for the case of addition when a legal entity undergoing reorganization has a license for carrying out the same type of licensed activity at the date of emergence of a new legal entity; Send comments on the document Listen to audio Get a reference from the document element
• when the state duty for issuing the license is not paid within the established deadline; Send comments on the document Listen to audio Get a reference from the document element
• when the licensee fails to eliminate circumstances leading to suspension of the validity of the license within the deadline set by the licensing authority or the court; Send comments on the document Listen to audio Get a reference from the document element
• when it is established that the decision of the licensing authority on issuing the license is unlawful; Send comments on the document Listen to audio Get a reference from the document element
• when license requirements and conditions are systematically violated (two or more times within one year) or grossly violated once by the licensee; Send comments on the document Listen to audio Get a reference from the document element
• when it is established that the license was obtained using fake documents.

See previous edition. Send comments on the document Listen to audio Get a reference from the document element Send comments on the document Listen to audio Get a reference from the document element In cases provided for in paragraphs 7 and 8 of this paragraph, a license is not re-issued within one year. This requirement also applies to new business entities established by the founder or beneficial owner of the licensee.

(Paragraph 50 was supplemented with paragraph 9 based on Order No. 4 of the Director of the National Agency for Promising Projects of the Republic of Uzbekistan dated January 11, 2024 — National Database of Legislative Acts, 07.02.2024, 10/24/3380-1/0104-number — enters into force from May 8, 2024) Send comments on the document Listen to audio Get a reference from the document element

51. Revocation of a license is carried out based on the decision of the licensing authority in cases specified in paragraphs 2–4 of Article 50 of this Regulation. Send comments on the document Listen to audio Get a reference from the document element A license is revoked by the court in cases specified in paragraphs 5–8 of Article 50 of this Regulation. Send comments on the document Listen to audio Get a reference from the document element The licensing authority sends a notice to the licensee without delay, within one working day from the date of filing an application with the court for revocation of the license, indicating the grounds for filing the application with the court for revocation of the license and specific norms of legislation. Send comments on the document Listen to audio Get a reference from the document element

52. If a license is revoked on the grounds specified in paragraph 8 of Article 50 of this Regulation, it is considered revoked from the date it was issued. Send comments on the document Listen to audio Get a reference from the document element

53. The licensing authority sends information to the licensee without delay, within one working day from the date of adoption of the decision on revocation of the license, indicating the grounds for revocation and specific norms of legislation. Send comments on the document Listen to audio Get a reference from the document element The licensing authority enters information about revoked licenses into the license registry within one working day. Send comments on the document Listen to audio Get a reference from the document element

54. The following are included in gross violations of license requirements and conditions: Send comments on the document Listen to audio Get a reference from the document element a) carrying out hidden mining and operations with anonymous crypto-assets, including anonymous crypto-asset mining; Send comments on the document Listen to audio Get a reference from the document element Send comments on the document Listen to audio Get a reference from the document element b) service providers: Send comments on the document Listen to audio Get a reference from the document element

• involved or suspected of involvement in terrorist activities or the proliferation of weapons of mass destruction; Send comments on the document Listen to audio Get a reference from the document element
• managed by persons who have not had their conviction for economic crimes, as well as crimes related to legalization of income from criminal activity, terrorism, proliferation of weapons of mass destruction, their financing, organized crime, illegal trade in narcotic drugs, corruption, and information technology crimes expunged or removed; 2026 changes entering into force from October 1, 2026 Send comments on the document Listen to audio Get a reference from the document element c) participation of persons specified in sub-paragraph "b" of this paragraph and companies registered in offshore zones in the charter capital (capital) of service providers; 2026 changes entering into force from October 1, 2026 Send comments on the document Listen to audio Get a reference from the document element d) using borrowed or pledged funds and other funds to form the charter capital (capital) of service providers; Send comments on the document Listen to audio Get a reference from the document element e) reducing the amount of the charter capital (capital) of a crypto-exchange below the amount specified in the license requirements and conditions; Send comments on the document Listen to audio Get a reference from the document element f) locating electronic platforms and (or) technical and software complexes on servers located outside the territory of the Republic of Uzbekistan; 2026 changes entering into force from October 1, 2026 Send comments on the document Listen to audio Get a reference from the document element

Violations of license requirements and conditions other than those specified in sub-paragraphs "a"–"f" of this paragraph, occurring two or more times within one year, are considered systematic violations. 2026 changes entering into force from October 1, 2026 Send comments on the document Listen to audio Get a reference from the document element 2026 changes entering into force from October 1, 2026 Send comments on the document Listen to audio Get a reference from the document element

Chapter 7. Control over Compliance with License Requirements and Conditions Send comments on the document Listen to audio Get a reference from the document element

55. Control over compliance with license requirements and conditions by the licensee is carried out by the licensing authority in the manner established by legislative acts. Send comments on the document Listen to audio Get a reference from the document element

56. In controlling compliance with license requirements and conditions by the licensee, the licensing authority is entitled, within the limits of its authority, to: Send comments on the document Listen to audio Get a reference from the document element

• demand from service providers compliance with legislative acts on crypto-asset circulation; Send comments on the document Listen to audio Get a reference from the document element
• check compliance with license requirements and conditions by the licensee in the manner established by legislative acts; Send comments on the document Listen to audio Get a reference from the document element
• request and obtain necessary information from the licensee on issues arising during the check of compliance with license requirements and conditions; Send comments on the document Listen to audio Get a reference from the document element
• draw up protocols (reports) based on the results of checks, indicating specific violations of license requirements and conditions by the licensee; Send comments on the document Listen to audio Get a reference from the document element
• issue decisions imposing an obligation on the licensee to eliminate identified violations of law, establishing deadlines for eliminating such violations; Send comments on the document Listen to audio Get a reference from the document element
• make a decision on suspending the validity of the license or revoking the license and (or) file a lawsuit with the court in cases established by legislative acts; LexUZ Commentary See: Law of the Republic of Uzbekistan "On Licensing, Permitting, and Notification Procedures". Send comments on the document Listen to audio Get a reference from the document element
• send information about established facts of activity of a service provider without a license to relevant bodies in the manner established by legislative acts for taking measures. Send comments on the document Listen to audio Get a reference from the document element

57. In checking compliance with license requirements and conditions, employees of the licensing authority draw up a protocol in two copies, one of which is given to the licensee, and the second copy remains with the licensing authority. Send comments on the document Listen to audio Get a reference from the document element

Chapter 8. License Registry Send comments on the document Listen to audio Get a reference from the document element

58. The licensing authority maintains a license registry by types of service providers. Send comments on the document Listen to audio Get a reference from the document element The license registry must indicate the following: Send comments on the document Listen to audio Get a reference from the document element

• name of the legal entity — licensee, organizational-legal form, location (postal address), email address, taxpayer identification number (TIN), telephone; Send comments on the document Listen to audio Get a reference from the document element
• information about shares in the charter capital (capital) of founders; Send comments on the document Listen to audio Get a reference from the document element
• date of issuance and registration number of licenses; Send comments on the document Listen to audio Get a reference from the document element
• grounds and dates for re-issuance, suspension, restoration, termination, and revocation of licenses. Send comments on the document Listen to audio Get a reference from the document element

59. Information available in the license registry is posted on the official website of the licensing authority and is open for review. Send comments on the document Listen to audio Get a reference from the document element

Chapter 9. Final Provisions Send comments on the document Listen to audio Get a reference from the document element

60. Decisions of the licensing authority on refusal to issue a license, suspension, termination, and revocation of its validity, as well as actions (inaction) of officials of the licensing authority, may be appealed to the court in the established manner. Send comments on the document Listen to audio Get a reference from the document element

61. Persons guilty of violating the requirements of this Regulation are held liable in accordance with the legislation. LexUZ Commentary See: Article 155-4 of the Code of Administrative Liability of the Republic of Uzbekistan. Send comments on the document Listen to audio Get a reference from the document element Send comments on the document Listen to audio Get a reference from the document element

Regulation on the Licensing Procedure for the Activities of Service Providers in the Field of Crypto-Asset Circulation

ANNEX 1 Send comments on the document Listen to audio Get a reference from the document element Scheme for Licensing Activities of Service Providers Send comments on the document Listen to audio Get a reference from the document element Send comments on the document Listen to audio Get a reference from the document element

Stage	Subjects	Activities	Deadlines
Stage 1	License Applicant — Legal Entity	1. Prepares an application and relevant documents for obtaining a license.<br>2. Submits the application and relevant documents to the licensing authority.	At the applicant's discretion
Stage 2	Licensing Authority	Documents are accepted by the licensing authority.	On the day of submission
Stage 3	Licensing Authority	Examines the application and relevant documents and adopts a decision on issuing or refusing to issue a license.	Within 20 working days
	Licensing Authority	1. Documents are examined by an expert commission approved by the head of the licensing authority, and a conclusion on issuing or refusing to issue a license is prepared.<br>2. Based on the expert commission's conclusion, a decision on issuing or refusing to issue a license is adopted.<br>3. The license applicant is notified about the adoption of a decision on issuing or refusing to issue a license.	Within 15 working days<br>Within 3 working days<br>Within 2 working days
Stage 4	License Applicant	If a decision on issuing a license is adopted, the state duty is paid.	Within the deadline set by the licensing authority
Stage 5	Licensing Authority	1. After the state duty is paid, the license is formalized and placed on its official website.<br>2. If the state duty is not paid by the license applicant, a decision on revoking the license is adopted.	Within 3 days<br>After 30 days from the adoption of the decision on issuing a license
Stage 6	Licensing Authority	If the documents necessary for issuing a license are not submitted in full, and if these shortcomings can be eliminated, a notice is sent to the license applicant to eliminate the shortcomings within a period not exceeding thirty working days.	Within 1 working day
Stage 7	License Applicant	Having eliminated the shortcomings, submits the relevant documents to the licensing authority.	Within the deadline specified in the notice
Stage 8	License Applicant	If the issuance of a license is refused, eliminates the reasons for refusal and submits documents for re-examination.	Within the deadline specified in the notice of refusal
Stage 9	Licensing Authority	Examines documents re-submitted by the license applicant and adopts a decision on issuing or refusing to issue a license.	Within 5 working days
Stage 10	Licensee	1. If a business entity that is a legal entity is modified, and its name or location (postal address) has changed, it applies to the licensing authority for re-issuance of the license.	Within 5 working days after re-registration

2. In the case of adding legal entities — business entities — that already have a license to carry out a certain activity (actions) on the date of state registration of a newly created legal entity, an application is submitted to the licensing authority for re-issuance of the license.

Until the license is re-issued

3. Based on the application for re-issuance of the license, it carries out the activity specified therein.

Step 11

Licensing Authority

1. Upon submission of an application and relevant documents for re-issuance of the license, it re-issues and issues the license.

Within five working days

2. It makes the relevant changes to the license registry regarding the re-issuance of the license.

Step 12

Licensing Authority

1. It adopts a decision on suspending and cancelling the validity of the license and terminates the validity of the license.

When the established grounds arise

2. It monitors compliance with license requirements and conditions.

Constantly

Send comments on the document Listen to audio Get a reference from the document element Send comments on the document Listen to audio Get a reference from the document element Regulation on Licensing the Activities of Service Providers in the Field of Crypto-Asset Circulation

ANNEX 2

Send comments on the document Listen to audio Get a reference from the document element Information on the Management (Head and Deputies) and Founders of Service Providers

Send comments on the document Listen to audio Get a reference from the document element INFORMATION

Send comments on the document Listen to audio Get a reference from the document element Send comments on the document Listen to audio Get a reference from the document element

Table 1

Management of Service Providers (Head and Deputies)

Position

Last Name, First Name, Patronymic

Citizenship

TIN

(For residents of the Republic of Uzbekistan)

Document Confirming Identity

Document Type

Series and Number

Date of Issue and Validity Period

Issued By

1

2

3

4

5

6

7

8

Send comments on the document Listen to audio Get a reference from the document element

Table 2

Founders of Service Providers

Last Name, First Name, Patronymic or Legal Entity Name

Share Amount

Citizenship (for individuals) or Place of State Registration (for legal entities)

TIN (For resident individuals of the Republic of Uzbekistan) or TIN (For resident legal entities of the Republic of Uzbekistan)

Document Confirming Identity or Certificate of State Registration

Document Type

Series and Number

Date of Issue and Validity Period

Issued By

1

2

3

4

5

6

7

8

Send comments on the document Listen to audio Get a reference from the document element See changes entering into force on October 1, 2026 Send comments on the document Listen to audio Get a reference from the document element Send comments on the document Listen to audio Get a reference from the document element Order No. 32 dated July 14, 2022 of the Director of the National Agency for Promising Projects of the Republic of Uzbekistan

ANNEX 2

Send comments on the document Listen to audio Get a reference from the document element List of Departmental Normative Legal Documents Recognized as Invalid

Send comments on the document Listen to audio Get a reference from the document element Send comments on the document Listen to audio Get a reference from the document element

1. Order No. 16 dated January 21, 2019 of the National Agency for Project Management under the President of the Republic of Uzbekistan "On Approving the Regulation on Licensing the Activities of Crypto-Exchanges" (registration number 3127, January 22, 2019) (National Database of Legislative Acts, Jan. 23, 2019, No. 10/19/3127/2525).

Send comments on the document Listen to audio Get a reference from the document element 2. Order No. 41 dated February 18, 2019 of the National Agency for Project Management under the President of the Republic of Uzbekistan "On Amending Clause 10 of the Regulation on Licensing the Activities of Crypto-Exchanges" (registration number 3127-1, February 22, 2019) (National Database of Legislative Acts, Feb. 22, 2019, No. 10/19/3127-1/2657).

Send comments on the document Listen to audio Get a reference from the document element 3. Order No. 111 dated June 19, 2019 of the National Agency for Project Management under the President of the Republic of Uzbekistan "On Amending Clause 8 of the Regulation on Licensing the Activities of Crypto-Exchanges" (registration number 3127-2, July 8, 2019) (National Database of Legislative Acts, July 8, 2019, No. 10/19/3127-2/3389).

Send comments on the document Listen to audio Get a reference from the document element 4. Order No. 172 dated December 6, 2019 of the Director of the National Agency for Project Management under the President of the Republic of Uzbekistan "On Amending and Adding to the Regulation on Licensing the Activities of Crypto-Exchanges" (registration number 3127-3, December 20, 2019) (National Database of Legislative Acts, Dec. 20, 2019, No. 10/19/3127-3/4185).

Send comments on the document Listen to audio Get a reference from the document element 5. Order No. 12 dated April 30, 2021 of the Director of the National Agency for Project Management under the President of the Republic of Uzbekistan "On Amending the Regulation on Licensing the Activities of Crypto-Exchanges" (registration number 3127-4, May 17, 2021) (National Database of Legislative Acts, May 17, 2021, No. 10/21/3127-4/0464).

Send comments on the document Listen to audio Get a reference from the document element 6. Order No. 24 dated July 29, 2021 of the Director of the National Agency for Project Management under the President of the Republic of Uzbekistan "On Amending the Regulation on Licensing the Activities of Crypto-Exchanges" (registration number 3127-5, August 5, 2021) (National Database of Legislative Acts, Aug. 5, 2021, No. 10/21/3127-5/0757).

Send comments on the document Listen to audio Get a reference from the document element 7. Order No. 34 dated November 11, 2021 of the Director of the National Agency for Project Management under the President of the Republic of Uzbekistan "On Amending and Adding to Annex 1a of the Regulation on Licensing the Activities of Crypto-Exchanges" (registration number 3127-6, November 22, 2021) (National Database of Legislative Acts, Nov. 22, 2021, No. 10/21/3127-6/1081).

Send comments on the document Listen to audio Get a reference from the document element 8. Order No. 37 dated December 10, 2021 of the Director of the National Agency for Project Management under the President of the Republic of Uzbekistan "On Amending the Regulation on Licensing the Activities of Crypto-Exchanges" (registration number 3127-7, December 24, 2021) (National Database of Legislative Acts, Dec. 24, 2021, No. 10/21/3127-7/1197). (National Database of Legislative Acts, Aug. 15, 2022, No. 10/22/3380/0742; Feb. 7, 2024, No. 10/24/3380-1/0104; Mar. 2, 2026, No. 10/26/3380-2/0181; June 30, 2026, No. 10/26/3880-3/0650)