Legal Regulation of Crypto-Shop Activities in Uzbekistan

The development of the digital economy and the integration of blockchain technologies into the financial sector have led to the need for legal regulation of crypto-asset turnover. In Uzbekistan, an important step in this direction was the adoption of regulatory acts governing the activities of crypto-shops—organizations providing services for the purchase and sale of crypto-assets.

This article is devoted to the scientific analysis of Order No. 43 of the Director of the National Agency for Perspective Projects of the Republic of Uzbekistan dated September 29, 2022, and the Rules on the Implementation of Crypto-Shop Activities approved thereby.

1. Concept and Legal Status of a Crypto-Shop

According to legislation, a crypto-shop is a legal entity that provides an electronic platform and/or a trading facility for crypto-asset transactions. The Rules define several key categories:

• Listing and delisting of crypto-assets
• Trading basket as the list of crypto-assets admitted to circulation
• Electronic platform as an information system for conducting transactions, maintaining records, and ensuring information security

Thus, the legal basis for the functioning of a crypto-shop as a specialized service provider in the digital asset market is established.

2. Obligations and Requirements for a Crypto-Shop

The Rules set out a wide range of obligations, including:

• Ensuring uninterrupted operation of the platform and technical software;
• Maintaining separate accounting of transactions and data backup;
• Client identification and compliance with AML/CFT legislation;
• Development of internal regulations governing listing, delisting, and client identification procedures;
• Mandatory transaction monitoring and reporting to the authorized body.

Particular attention is paid to cybersecurity and staff qualifications, which corresponds to international practices in cryptocurrency regulation.

3. Establishing Relationships with Clients

Client relations are based on contracts. Clients undergo mandatory identification by providing passport details, personal identification numbers, and contact information. Contracts with minors or persons included in sanctions lists are prohibited.

The Rules also require creating a personal account for clients on the electronic platform and allow temporary restrictions on operations (up to three months) in case of violations of the law.

4. Permitted and Prohibited Operations

Crypto-shops are allowed to:

• Buy and sell crypto-assets for national and foreign currency (depending on the client’s status and transaction form);
• Conduct transactions through trading facilities and electronic platforms.

Prohibited operations include:

• Transactions without client identification;
• Circulation of crypto-assets issued by Uzbek residents;
• Transactions with anonymous cryptocurrencies and NFT tokens.

Thus, the legislator introduces strict filters to minimize money laundering risks and ensure transparency.

5. Reporting and Control

A crypto-shop must prepare daily reports on transactions and applications without the right to modify them. These data are provided:

• To clients—upon their request within 15 days;
• To the authorized body—within the period specified in the request.

The Rules also establish dispute resolution procedures—through negotiations or court proceedings.

6. Significance and Prospects of Regulation

The regulation of crypto-shop activities in Uzbekistan has a comprehensive significance:

• Legal — formation of a national regulatory framework in the field of crypto-assets;
• Economic — creating conditions for the development of the digital economy and attracting investments;
• Social — ensuring legal protection of clients and minimizing risks of financial crimes.

In the future, the list of permitted crypto-assets may be expanded, and certain restrictions (such as those on NFTs) may be relaxed, depending on market development and international practice.

The Rules governing the activities of crypto-shops in Uzbekistan represent an important element in building a regulated cryptocurrency ecosystem. By establishing clear operational frameworks, the state ensures a balance between the development of innovative financial services and the need to control their legality and safety.

Thus, Uzbekistan is forming a regulatory model that combines digital economy liberalization with strict adherence to transparency and client protection principles.

Rights and Obligations of Crypto-Shops and Clients

Subject	Rights	Obligations
Crypto-Shop	• Conduct purchase and sale of crypto-assets via electronic platform and/or trading facility. • Select crypto-assets for inclusion in the trading basket (listing/delisting). • Conclude contracts with clients in electronic or written form. • Suspend client operations in case of violations (up to 3 months). • Carry out transactions through service providers in Uzbekistan and abroad.	• Ensure uninterrupted operation of the platform and software. • Maintain separate accounting of transactions and backup of data. • Ensure execution of client applications and reporting. • Guarantee information security. • Conduct mandatory client identification. • Develop internal regulations (listing, identification, etc.). • Report violations and signs of crimes to authorized bodies. • Comply with AML/CFT and advertising legislation.
Clients	• Buy and sell crypto-assets for national or foreign currency (subject to restrictions). • Obtain reports on their operations upon request. • Conclude contracts in electronic or written form. • Use a personal account on the electronic platform.	• Undergo mandatory identification and provide accurate data. • Comply with the rules and internal acts of the crypto-shop. • Bear the risks associated with the choice of crypto-assets (purchase consequences). • Refrain from transactions with prohibited assets (anonymous cryptocurrencies, NFTs, assets of Uzbek residents).