REGULATION OF CRYPTOCURRENCY ACTIVITIES IN THE REPUBLIC OF UZBEKISTAN

Abstract

The article analyzes the regulatory framework of Uzbekistan in the field of crypto assets, focusing on institutional architecture (National Agency for Perspective Projects) and licensing of providers of services in the field of virtual assets (VASP), as well as control procedures and enforcement measures. Since 2022, a special legal procedure has been formed: the National Agency for Perspective Projects exercises regulatory and licensing powers, and the circulation and mining of crypto assets are subject to administrative permitting and control procedures. The article compares the “procedural” approach (administrative law as a sphere of legal public intervention) and the “material” approach (financial and consumer guarantees). Based on regulatory legal acts and practice, the National Agency for Perspective Projects proposes directions for improvement (issuance and suspension of licenses in 2023-2025): unification of terminology, creation of public registers of control methods, transition to risk-oriented pricing in the mining sector, and development of the regulatory “regulatory box” (sandbox) mechanism. National and foreign practical examples show a correlation between procedural fairness (right to be heard, motivation, voluntary control) and financial compliance (AML/CFT, consumer rights protection). Based on the results, it was concluded that it is necessary to codify basic administrative procedures for digital assets when converging simultaneously with financial and ICT law. The methodological basis of the research consists of comparative legal, formal legal and institutional analysis.