TASHKENT, Uzbekistan, December 2. Uzbekistan has topped the rankings in Central Asia and the Caucasus, securing 33rd place globally in terms of the adoption of crypto assets.
The data obtained by Trend from the latest RISE Research report shows that Uzbekistan has seen rapid growth in the crypto sector, with 512,300 citizens owning cryptoassets, which is about 1.46 percent of the population.
The Uzbek government has created a solid legislative framework for crypto operations, offering tax exemptions and facilitating the emergence of licensed service providers. By October 2024, 15 licensed providers in Uzbekistan had a turnover exceeding $1 billion, contributing over $3.6 million to the national budget since 2022.
Uzbekistan's young, tech-savvy population and its growing involvement in decentralized finance are responsible for this success. The country is expanding its blockchain and tokenization initiatives, strengthening its international position in the digital financial sector. Key collaborations with global companies, including Tether, further enhance Uzbekistan's influence in the industry.
Neighboring Kazakhstan ranks second in the region, with over 1.5 million citizens involved in crypto activities, while Kyrgyzstan continues to be one of the most crypto-friendly jurisdictions in the region.