On 27 April 2022, the President of Uzbekistan signed decree No.
UP-121 (the “Decree”), which (i)
reorganized the National Agency for Project Management into the
National Agency of Perspective Projects (the
“Agency”) and authorizing it to
regulate circulation of crypto-assets in Uzbekistan
(covering issuance, registration, and circulation
of crypto-assets by residents of Uzbekistan), and (ii)
established a special regulatory regime in the sphere of
crypto-asset circulation.
According to the Decree, only legal entities are entitled to
engage in mining1 of
crypto-assets2 in Uzbekistan, following compulsory
e-registration with the Agency. Mining of crypto-assets does not
require obtaining a license.
