Uzbekistan Plans National Mining Pool and Launches First Licensed Crypto Exchange

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Uzbekistan is making significant strides in establishing itself as a regulated hub for blockchain and cryptocurrency innovation. The country has announced plans to create a national mining pool and launch its first licensed cryptocurrency exchange, marking a pivotal moment in its digital asset strategy. These developments reflect a growing trend among nations seeking to harness blockchain technology while maintaining oversight and economic benefits.

National Mining Pool Initiative

The National Agency for Project Management (NAPM), a government body led by the President of Uzbekistan, revealed its 2025 roadmap for regulating cryptocurrency exchanges and advancing blockchain infrastructure. A centerpiece of this plan is the introduction of a state-backed national mining pool, designed to consolidate both domestic and international crypto miners under a unified, transparent system.

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According to local media outlet Spot, the primary objectives behind the national mining pool are economic efficiency, transparency, and energy optimization. By centralizing mining operations, Uzbekistan aims to reduce energy waste, improve regulatory oversight, and enhance the overall security of its blockchain ecosystem. This move is also expected to boost investor confidence and attract foreign capital into the country’s growing tech sector.

The NAPM emphasized that participation in the national pool will come with tangible benefits—most notably, reduced electricity rates for compliant miners. This incentive is crucial, given recent regulatory changes that have increased energy costs for unaffiliated mining operations.

Launch of Uzbekistan’s First Licensed Crypto Exchange

Complementing the mining pool initiative, Uzbekistan is preparing to launch Uznex, the nation's first officially licensed cryptocurrency exchange. Set to begin operations on January 20, Uznex will be operated by South Korea’s Kobea Group and will initially support seven trading pairs, including BTC/USDT and BCH/USDT.

This development allows local miners to legally liquidate their mined assets within the country’s regulated financial framework—an essential step toward bringing crypto activities out of the informal economy. With Uznex, miners can seamlessly convert their holdings into stablecoins or fiat equivalents without relying on offshore platforms.

Uzbekistan’s journey toward crypto legitimacy began in July 2018, when a presidential decree laid the legal groundwork for digital assets. Later that year, in September, the country signed a strategic agreement with the Korean Blockchain Business Association to jointly develop key components of its blockchain ecosystem, including:

These collaborations underscore Uzbekistan’s long-term vision: to become a regional leader in blockchain innovation while maintaining control over financial flows and compliance standards.

Incentives and Regulations Shaping Miner Behavior

While promoting crypto development, Uzbek authorities are also imposing strict regulations to ensure compliance. In early December, the NAPM issued an order restricting Uzbek citizens from purchasing or trading cryptocurrencies on unlicensed platforms. Only transactions conducted through state-approved exchanges like Uznex will be permitted.

Additionally, energy pricing policies have been adjusted to influence miner behavior. Unregulated mining farms now face electricity rates three times higher than standard tariffs—a clear deterrent against operating outside the formal system.

To counterbalance this, the NAPM plans to allow members of the national mining pool to pay standard electricity rates, creating a powerful financial incentive for miners to join the official network. Vyacheslav Pak, Deputy Head of NAPM, highlighted the strategic importance of these measures:

“We must act promptly so that investors planning to come here do not end up in neighboring countries.”

The agency is currently finalizing a draft presidential decree, which will soon be released for public consultation. Once implemented, it is expected to formalize the legal status of mining activities, define licensing requirements, and outline tax obligations for participants in the digital asset economy.

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Why This Matters for the Global Crypto Ecosystem

Uzbekistan’s dual approach—combining incentives with regulation—offers a model other nations may follow. By creating a regulated yet attractive environment for miners and traders, the country balances economic growth with state oversight. The national mining pool could serve as a blueprint for energy-efficient, government-supervised mining operations worldwide.

Moreover, the launch of Uznex signals a broader shift: more countries are moving from crypto skepticism to structured adoption. This trend supports greater market maturity and paves the way for institutional participation.

Frequently Asked Questions (FAQ)

Q: What is a national mining pool?
A: A national mining pool is a government-backed collective of cryptocurrency miners that operate under unified rules, often receiving benefits like reduced energy costs in exchange for compliance with regulations.

Q: Can anyone join Uzbekistan’s national mining pool?
A: While details are still emerging, participation appears limited to licensed operators who comply with energy and regulatory standards. Foreign miners may be eligible under specific conditions.

Q: Is cryptocurrency legal in Uzbekistan?
A: Yes. Since 2018, cryptocurrency has been legally recognized under presidential decree. However, only licensed exchanges can facilitate trading, and citizens are restricted from using offshore platforms.

Q: How does the national mining pool benefit miners?
A: Miners in the pool will pay standard electricity rates instead of tripled fees imposed on unlicensed operations, significantly reducing operational costs.

Q: What cryptocurrencies will be available on Uznex?
A: Initial listings include BTC/USDT and BCH/USDT, with more pairs expected post-launch based on market demand and regulatory approvals.

Q: Will Uznex support fiat currency deposits?
A: While specifics haven't been fully disclosed, licensed exchanges in regulated markets typically offer fiat on-ramps. Updates are expected ahead of the January 20 launch.

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Conclusion

Uzbekistan’s push to establish a national mining pool and launch its first licensed crypto exchange, Uznex, represents a bold step toward building a transparent, efficient, and legally sound digital economy. By aligning incentives with regulation, the country is positioning itself as a forward-thinking player in the global blockchain space.

As more nations explore similar models, Uzbekistan’s experience could provide valuable insights into how governments can support innovation without compromising oversight. For miners, investors, and policymakers alike, this development marks a significant milestone in the evolution of state-integrated blockchain ecosystems.

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