Uzbekistan's crypto asset market has officially exceeded $2 billion in turnover, transitioning from an experimental phase to a period of active growth. Representatives from the National Agency for Perspective Projects (NAPP) announced this during their annual review presentation, calling on professional communities and media to abandon the term "cryptocurrency" to avoid distorting the legal status of these assets as property rights.

During discussions, First Deputy Director Vyacheslav Pak stated that comparing current indicators with data from previous years confirms a multiple-fold expansion of the segment. Just a few years ago, the volume of operations on official platforms was estimated at around $1 billion. This growth is occurring against the backdrop of a fully-formed ecosystem: dozens of licensed market participants, including crypto exchanges, depositories, and other service providers, are already operating in the country. Hundreds of thousands of registered clients, the vast majority of whom are residents, indicate that interest in this field is no longer confined to a narrow audience.

The regulator continues to combat the "gray" segment, which is developing just as actively. According to NAPP representatives, over the past year alone, more than 3,000 resources linked to illegal crypto platforms, financial pyramids, and online casinos have been blocked. Foreign platforms operating without licenses also face sanctions, with some already fined. However, user interest in such services remains high, creating additional pressure on the regulator. Askarjon Zakirov, Head of the Crypto Asset Turnover Development Department, repeatedly emphasized during the meeting: "Crypto assets are already a significant segment of the economy that requires not bans, but thoughtful regulation."

Despite rapid growth and billions in turnover, a key restriction remains unchanged: in Uzbekistan, crypto assets still cannot be used as a means of payment. The regulator highlighted that public perception of these tools is largely distorted by language. Media use of the word "cryptocurrency" creates associations with money akin to the dollar or Uzbek som. The meeting included a direct request to journalists to drop this term. One agency representative explained: "National legislation refers not to currency, but to a special type of property right. A crypto asset is not a means of settlement, but an investment or technological tool." Citizens and companies are permitted to buy, sell, and store such assets, but all operations must go through licensed providers. Using crypto assets directly in trade or payments for goods and services is prohibited.

While acknowledging the technological advantages of blockchain-based systems, the regulator maintains a strict ban on using crypto assets in everyday transactions. As Askarjon Zakirov noted, such solutions can radically change transaction speeds: "These systems potentially allow settlements to be conducted in seconds, bypassing intermediaries, while traditional bank transfers can take days." However, implementing such innovations requires time. NAPP explains the need for a cautious approach due to the novelty and complexity of the field, where risks of abuse remain high. Nevertheless, forward-looking work is underway: solutions are being developed jointly with the Central Bank to test blockchain payments in a limited mode. Priority is given to areas where speed and cost reduction are critical, such as foreign trade settlements. Retail scenarios may be implemented later and only upon successful completion of all pilot testing stages.

At the current stage, Uzbekistan's crypto market has become significant in volume and participant numbers but has not yet gained full functional recognition as a payment system. The industry continues to develop within strictly defined boundaries, attracting hundreds of thousands of users while maintaining the status of digital units as investment assets rather than full-fledged money.

Source: podrobno.uz