The Republic of Uzbekistan is preparing to adopt a new crypto regulatory framework under a decree ordering the restructuring of the National Agency for Project Management (NAPM) into a new entity, the National Agency for Perspective Projects (NAPP). In 2021, NAPM had proposed allowing residents to trade crypto. The new NAPP is tasked with adopting a “special crypto regulation regime” for Uzbekistan and will be responsible for a broad range of regulatory projects in relation to crypto. The new body will be required to develop and adopt a unified state policy on crypto and also ensure investor protection and enforce measures to combat illegal use of crypto, such as terrorist financing. The NAPP will license and supervise virtual asset service providers, including providers of crypto trading services, and entities involved in regulated activities will be subject to various taxes.
