Uzbekistan Introduces “Reasoned Judgment” in Licensing Crypto Service Providers

Tashkent, Uzbekistan (UzDaily.com) — The National Agency for Prospective Projects of Uzbekistan will apply a “reasoned judgment” approach when licensing service providers in the cryptocurrency sector.

The relevant amendments were made by the Ministry of Justice to the Regulation on Licensing the Activities of Such Providers and were registered in the state registry under number 3380-2 on 28 February 2026.

Under the new rules, a reasoned judgment constitutes a professional assessment used by the licensing authority alongside legal requirements. The approach prioritizes the substance of the issue under consideration over its formal wording.

This professional assessment is based on information obtained through oversight of service providers’ activities, data from individuals and legal entities, international organizations, government bodies—including foreign regulatory authorities—as well as other publicly available sources relevant to the analysis.

At the same time, the licensing authority’s reasoned judgment may serve as a basis for denying a license, highlighting the increased role of professional discretion in crypto regulation and reinforcing the accountability of market participants.