Best Crypto Exchanges in Uzbekistan

Best Cryptocurrency Exchange in Uzbekistan

Due to political instability within the country, only nine digital asset exchanges globally offer services to Uzbekistan residents. We have identified the top options based on our evaluation criteria, which include compliance with the National Agency of Project Management (NAPM) regulations, supported assets and fee structures. Here is a detailed comparison of the best five platforms for Uzbekistani investors.‍

‍

1. Kraken

Kraken is highly regarded in Uzbekistan for its comprehensive range of services and strong security protocols. It offers a straightforward interface and a quick sign-up process. The exchange is trusted by over 10 million users and regularly undergoes audits to provide transparency in its proof-of-reserves, giving users peace of mind their assets are secure.

It supports over 250 cryptocurrencies to trade on spot and futures markets with up to 5x leverage. It also provides staking options, enabling users to earn up to 13% APY on 18 tokens. The platform's commitment to user education and support is evident through its 24/7 customer service and extensive educational resources. 

• Fees: Spot trading fees are 0.16% for makers and 0.26% for takers. Futures trading fees are 0.02% for makers and 0.05% for takers.
• Supported Assets: Over 250 cryptocurrencies.
• Regulation & Licensing: Regulated by the FCA under Payward Ltd. FRN 928768 and available in Uzbekistan.
• UZS Deposits: Bank transfers and credit or debit cards.

‍

2. OKX

OKX is an excellent platform for users in Uzbekistan who are interested in decentralized finance (DeFi). This exchange provides access to a wide range of Web3 products, including the in-built crypto wallet, OKX Wallet, the blockchain, OKT Chain and the native token, OKB Coin. It supports 350 tokens for spot trading, margin trading, and perpetual swaps with 100x leverage.

The platform is known for its user-friendly interface and secure wallet options, ensuring the safety of digital assets. OKX also offers yield farming opportunities, allowing users to earn up to 165% APY by participating in liquidity pools. The exchange also accepts UZS deposits through multiple payment methods.

• Fees: Spot trading fees are 0.1% for both makers and takers. Futures trading fees are 0.02% for makers and 0.05% for takers.
• Supported Assets: Over 350 cryptocurrencies.
• Regulation & Licensing: Globally regulated and available in Uzbekistan.
• UZS Deposits: Local bank transfers, Apple Pay, Google Pay and credit cards.

‍

3. Binance

Binance is the world's largest cryptocurrency exchange, with over 200 million registered users. It is a popular choice for its broad selection of 350 cryptocurrencies and advanced trading features, including spot trading, futures, and margin trading with 50x leverage. The platform also offers staking and savings programs, allowing users to earn passive income on their holdings.

Thanks to its widespread availability, Binance can be used in 40 languages, including Uzbekistan, Russian and Turkish. The exchange also supports multiple languages, including customer support in various languages. It provides robust security features, including two-factor authentication and cold storage.

• Fees: Spot trading fees are 0.1% for both makers and takers. Futures trading fees are 0.02% for makers and 0.04% for takers.
• Supported Assets: Over 350 cryptocurrencies.
• Regulation & Licensing: Globally regulated and available in Uzbekistan.
• UZS Deposits: Credit or debit cards.

‍

4. Bitget

Bitget is known for its diverse selection of 800 cryptocurrencies, making it a top choice for users in Uzbekistan who want access to a wide range of digital assets. The platform offers innovative features like copy trading, allowing users to mirror the trades of successful investors. Bitget supports various trading options, including spot trading and futures with leverage up to 125x.

The exchange is designed with user security in mind, employing advanced security measures like cold storage and two-factor authentication. Bitget's educational resources are extensive, providing tutorials and guides for both new and experienced traders. The platform also offers 24/7 customer support to assist users with any issues they may encounter.

• Fees: Spot trading fees are 0.1% for both makers and takers. Futures trading fees are 0.02% for makers and 0.06% for takers.
• Supported Assets: Over 800 cryptocurrencies.
• Regulation & Licensing: Operates under international compliance standards.
• UZS Deposits: Credit or debit cards.

‍

5. Phemex

Phemex is ideal for traders in Uzbekistan who are interested in high-leverage futures trading. The platform offers leverage up to 100x, making it suitable for experienced traders looking to maximize their potential returns. It also provides a range of trading options, including spot and contract trading, with low latency and advanced features that cater to professional traders.

Security is a top priority at Phemex, with features like cold wallet storage and multi-signature wallets ensuring the safety of user funds. The platform also offers a simulated trading environment, allowing users to practice their strategies without risking real capital..

• Fees: Spot trading fees are 0.1% for both makers and takers. 
• Supported Assets: Over 280 cryptocurrencies.
• Regulation & Licensing: Complies with international regulations and available in Uzbekistan.
• UZS Deposits: Credit cards.

‍

Is Crypto Regulated in Uzbekistan?

Uzbekistan is developing a regulatory framework for cryptocurrencies, with the National Agency of Project Management (NAPM) leading the efforts. The NAPM is currently setting guidelines to integrate digital assets into the legal and financial systems, classifying them and ensuring proper oversight.

The government permits residents to buy, trade, and hold cryptocurrencies like Bitcoin and Ethereum. While cryptocurrencies are not yet recognized as legal tender, the regulatory environment is evolving to include measures for consumer protection and market stability. Uzbekistan's approach supports innovation in the crypto sector while addressing potential risks.

‍

How is Crypto Taxed in Uzbekistan?

In Uzbekistan, the taxation of cryptocurrencies is overseen by the State Tax Committee. Cryptocurrencies are classified as "Digital Assets," and any income derived from their sale or exchange is subject to taxation. The government imposes a flat tax rate of 20% on profits gained from these transactions, treating them similarly to other forms of capital gains.

Furthermore, all cryptocurrency transactions must be reported, ensuring transparency and compliance with the State Tax Committee's regulations. Deductions are limited to the initial acquisition cost, and losses from digital assets cannot be offset against other income types.

‍

How to Buy Bitcoin in Uzbekistan

For those new to cryptocurrency investment in Uzbekistan, understanding the process of purchasing Bitcoin through a digital asset exchange is recommended. Here's a simple guide to help you get started:

1. Create an Account: Visit a reputable cryptocurrency exchange that operates in Uzbekistan and sign up for an account. Click on "Sign Up" and complete the verification process by providing a valid photo ID and, if required, a selfie or proof of address. It’s important to mention that popular exchanges like Bybit and Gate.io are not available.
2. Deposit Uzbekistani Som (UZS): Navigate to the deposit section of your account, select UZS as your deposit currency, and enter the amount you wish to deposit. You can fund your account through bank transfers, local payment systems, or credit/debit cards. 
3. Choose Bitcoin: Go to the trading section and search for Bitcoin (BTC). Select the UZS/BTC trading pair. Review the available trading options, such as market and limit orders, to decide how you want to proceed with your purchase.
4. Execute the Trade: To buy Bitcoin, click 'buy' or 'trade' and enter either the amount of Bitcoin you wish to purchase or the amount of UZS you want to spend. Carefully review the order details, including the price and any applicable fees, before finalizing the trade.

This guide provides users in Uzbekistan with a straightforward path to begin trading Bitcoin, covering each step from account creation to executing trades.

‍

Bottom Line

In conclusion, Uzbekistan's crypto market is expanding, supported by progressive regulations from the NAPM. Key exchanges like Kraken, OKX, Binance, Bitget, and Phemex provide diverse trading options, including spot, futures, and staking, with support for UZS transactions. These platforms cater to various investor needs, making it accessible for Uzbekistani residents to trade and invest in digital assets.