Cryptocurrency in Uzbekistan: no tax, and only licensed platforms
In short. Uzbekistan does not tax crypto income at all. Presidential resolutions from 2018 put crypto-asset operations outside the objects of taxation and keep the income out of the tax base, for individuals and companies alike. One condition carries the weight: you trade through platforms the national agency licensed, and the country blocks the foreign exchanges you would otherwise use.
- TAX ON CRYPTO INCOME
- Noneoperations sit outside the objects of taxation
- WHERE YOU TRADE
- Licensed local platformsmajor foreign exchanges are blocked
- PAYING WITH CRYPTO
- Not a means of paymentexcept where legislation says so
- LICENCE TYPES
- Fourexchange, shop, depository, mining pool
- MINING
- Registration plus a higher tariffa separate electricity rate applies
- LEGAL TENDER
- Nothe sum stays the only legal money
Zero tax, one condition
Two presidential resolutions from July and September 2018 set the rule that still governs. Operations of individuals and legal entities connected with the turnover of crypto-assets are not objects of taxation, and income from those operations does not enter the base for taxes or other obligatory payments.
Estonia charges 22% on every disposal and South Africa can reach 45%. Uzbekistan charges nothing, and decides in exchange where you may trade.
The market is closed by design
The National Agency of Perspective Projects, created in April 2022, licenses everything in this sector and issues four kinds of authorisation: crypto-exchange, crypto-shop, crypto-depository and mining pool.
The state duties sort the four by ambition. A crypto-exchange licence costs roughly twenty times what a crypto-shop pays and twenty-four times a mining pool, which puts running an exchange out of reach for anyone without serious capital.
Uzbekistan has also blocked access to the large foreign platforms, so residents who want to trade go through the licensed local ones. In March 2026 the agency gave itself room to refuse a licence on a reasoned judgement, weighing what an applicant does rather than what its paperwork claims.
Crypto is not money here
Crypto-assets are not a means of payment in Uzbekistan, except in cases the legislation establishes.
Those exceptions exist and they are narrow. A bank and a licensed exchange launched cards in 2023 that convert crypto into local money at the point of sale, and the state has been preparing a separate regime for stablecoin payments. Both work by turning crypto into sum before it reaches the merchant, which leaves the underlying rule intact.
Mining has its own tariff and its own valley
Miners register with the agency and pay a higher rate for electricity than ordinary consumers, a rule in place since 2022. They also report on their activity.
Recent policy has gone toward expansion. A presidential decree in April 2026 created a dedicated mining valley in Karakalpakstan, and the agency issued its first mining permit to a private company. Reported crypto turnover in the country doubled over a year to around two billion dollars.
A tax regime aimed at foreigners
A presidential decree of 4 October 2025 introduced a special regime from 1 January 2026 for foreign citizens, exempting their income from sources outside Uzbekistan from personal income tax. Three licensed crypto exchanges hold accreditation to serve foreigners using it.
That combination is unusual: no tax on crypto operations at home, no tax on foreign-source income for a qualifying foreigner, and a short list of platforms through which both work.
What this means if you are moving there
A zero rate with no holding period and no threshold is rarer than the marketing around other countries suggests.
Germany and Portugal reach zero only after a year, Czechia after three, and Estonia never. Uzbekistan starts there, adds a mining regime the state is expanding, and wrote the 2026 foreigner regime for people arriving with foreign income. What you give up is your choice of venue: the licensed local platforms are the market, the foreign ones you know are blocked, and the agency may refuse a licence on judgement. Check which exchanges hold current accreditation before you move anything.
Allowed
- Earn from crypto operations without tax, for individuals and companies
- Trade through platforms licensed by the national agency
- Mine after registering, on the tariff set for miners
- Use the 2026 regime for foreign citizens through an accredited exchange
Restricted
- Using crypto as a means of payment, outside the cases legislation allows
- Reaching the large foreign exchanges, which the country blocks
- Mining on ordinary consumer electricity rates without registering
- Running an exchange without a licence, which the agency may refuse on judgement
How the rules took shape
Two presidential resolutions place crypto-asset operations outside the objects of taxation and out of the tax base.
The National Agency of Perspective Projects takes over the sector in April. Miners must register and pay a higher electricity tariff.
A bank and a licensed exchange launch cards that convert crypto to local money at the point of sale.
A regime for foreign citizens begins, exempting their foreign-source income from personal income tax. Three licensed exchanges hold accreditation to serve them.
A presidential decree creates a mining valley in Karakalpakstan, and the agency issues its first mining permit.
Worth knowing
An entire zone, Besqala, is set aside for mining with tax breaks running to 2035, and from 2026 stablecoins are officially accepted as payment.
Common questions
Do I pay tax on crypto income?
No. Presidential resolutions from 2018 keep crypto-asset operations outside the objects of taxation and their income out of the tax base, for individuals and companies.
Where am I allowed to trade?
Through platforms licensed by the national agency. Uzbekistan blocks access to the large foreign exchanges, so the licensed local ones are the practical route.
Can I pay for things in crypto?
Not as a general rule. Crypto-assets are not a means of payment except where legislation provides, and the exceptions convert crypto to local money before it reaches the merchant.
What do miners have to do?
Register with the agency, pay the electricity tariff set for mining and report on their activity. A dedicated mining valley opened in Karakalpakstan in 2026.
What is the regime for foreigners?
From 1 January 2026 a foreign citizen's income from sources outside Uzbekistan is exempt from personal income tax, with three licensed crypto exchanges accredited to serve those using it.
Sources
Other countries
Updated 21.08.2026 · this is reference material, not investment or tax advice