Written by: Tree Blockchain

At a time when global stablecoins and cryptocurrency assets have entered the "era of institutional competition," a country that was not previously a focal point for the mainstream market is quietly completing a clear and stable path for its cryptocurrency industry layout, even showing a strong national will—Uzbekistan.

If you only look at scattered news, it is difficult to understand the true intentions of this country. On one hand, it blocks international exchanges while granting local licenses; on the other hand, it strictly controls capital flows while promoting tokenization and education on stablecoins. By today, it has directly offered a "10-year tax exemption" for mining special zones.

This is not a flip-flop but a form of institutional design focusing on "controllability."

More directly, Uzbekistan is attempting to answer a question: Can a non-US core country build its own financial infrastructure in the cryptocurrency era?

Open Up—Tighten—Then Open Up Again

Uzbekistan's cryptocurrency policy has never been a simple "support" or "ban," but rather a typical "exploratory regulatory path."

In 2018, the country took the lead in legalizing cryptocurrency trading but quickly restricted local residents from purchasing cryptocurrency assets in 2019, allowing only "sales." This phase was essentially aimed at preventing capital outflow and speculative risks.

By 2021, a key turning point in policy emerged: regulators allowed residents to freely buy and sell cryptocurrency assets on licensed local exchanges and concurrently improved the rules for token issuance and listing.

This step marked an important change—Uzbekistan was no longer attempting to "restrict cryptocurrency" but began to "define cryptocurrency."

First "Close the Door," Then "Issue Licenses"

The true institutional turning point occurred in 2022.

That year, Uzbekistan undertook two seemingly contradictory yet highly unified actions:

• Blocking international trading platforms including Binance, Huobi, and Bybit

• 同时向本地机构发放加密交易服务牌照

On the surface, this is "blocking," but essentially it is "closing off." Through this operation, regulators clarified a bottom line: cryptocurrency assets can circulate, but must circulate within the domestic regulatory framework.

In the same year, the regulatory system was further refined:

• Introducing a monthly fee system for cryptocurrency service providers (directly included in the national treasury)

• Clarifying regulatory classifications for different businesses such as mining, custody, and exchanges

• Mandatory compliance and registration for mining

The core logic of this system is very clear: it does not let the market grow freely but brings the cryptocurrency industry into a "taxable, manageable, and countable" national system.

From Restrictions to "National Industrial Tool"

If the trading side prioritizes "control," then in the mining sector, Uzbekistan's strategy is more industry-oriented.

In 2022, the government clearly specified:

• Mining must use solar and other renewable energy

• Must obtain permission and register

• Anonymity in mining is prohibited

This was understood by many at the time as "restricting mining." But when viewed over a longer period, this is actually doing something deeper—transforming mining from a "gray arbitrage industry" into an "industrial behavior with controllable energy consumption."

This logic was magnified in 2026.

Uzbekistan announced the establishment of the "Besqala Mining Valley" mining special area, covering the Karakalpakstan region:

• Mining income exempt from tax until 2035

• Encouraging the use of renewable energy

• Allowing free sale of cryptocurrency assets (but funds must return to the domestic banking system)

This is not a simple "investment promotion policy," but a highly structured design: front-end opening (mining profits) + mid-range freedom (trading) + back-end locking (funds returning)

In other words, computing power can be globalized, but funds must be localized.

The State Begins to "Get Involved Directly"

If earlier stages were still focused on "regulation and industry," then starting from 2023, Uzbekistan has taken a more critical step—direct national participation in the construction of the cryptocurrency financial system.

The most typical case is the transformation of the national payment system HUMO.

• Launching blockchain tokens supported by government bonds

• Connecting to a system with over 35 million cardholders

• Supporting instant fiat conversions and on-chain transparent settlements

• Connecting to global networks such as Visa, Mastercard, and UnionPay

This is no longer "crypto-friendly"; rather, it directly maps traditional financial infrastructure onto the blockchain.

At the same time, the banking system is also included in the experiment:

• Kapital Bank and Ravnaq Bank issuing cryptocurrency physical cards

• Realizing the integration of bank accounts and cryptocurrency accounts

• Connecting to payment network systems

This means that cryptocurrency assets are no longer "investment products," but are beginning to be utilized as "payment tools."

Introducing External Forces to Fill Knowledge Gaps

Against the backdrop of intensifying global stablecoin competition, Uzbekistan has chosen a relatively restrained but pragmatic path.

In 2024, a memorandum of cooperation was signed with stablecoin issuer Tether:

• Promoting the adoption of Bitcoin and stablecoins

• Establishing an education system (targeting students and professionals)

• Promoting the popularization of P2P and blockchain infrastructure

The key here is not to "introduce USDT" but to accelerate domestic understanding and talent structure construction through external mature systems. This forms a closed loop with its mining, payment, and regulatory systems:

• Upstream: Energy + Mining

• Midstream: Trading + Regulation

• Downstream: Payment + Stablecoins

• Support: Education + Talent

This combination from regulation, mining, to payment and stablecoins does not advance in a scattered manner, but gradually points towards the same goal—achieving controllable integration of cryptocurrency assets within the system.

Not Leading, but Controllable

The market often tends to measure a country's cryptocurrency layout by whether it becomes a global center, but Uzbekistan's path does not aim at this goal.

From the licensing system and capital repatriation restrictions to the mining special zone and on-chain payment system, this series of actions is closer to an internal structural optimization—introducing cryptocurrency assets within a controllable range to improve capital efficiency while avoiding systemic spillover risks.

In other words, it is not competing for "global discourse power" but is attempting to answer a more realistic question: To what extent can cryptocurrency assets be utilized without giving up financial sovereignty?

Currently, this answer is still in the process of formation.

But one thing is certain—Uzbekistan has chosen not a radical path, but a "reversible, adjustable" intermediate route.

And this route itself already indicates a lot.

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