Seychelles vs Uzbekistan
Crypto regulation comparison
Seychelles
Uzbekistan
Legal
Legal
The VASP Act 2024 effective Sept 2024 establishes FSA as regulator for virtual asset service providers. Exchanges require licensing. Mining and mixer/tumbler services are prohibited in Seychelles.
Uzbekistan has actively regulated crypto since 2018, when it established the NAPM (initially NAPCI) to oversee virtual assets. Licensed crypto exchanges operate in a regulatory sandbox. Individual crypto trading profits are exempt from tax. Uzbekistan has also established a state-backed mining pool and licensing regime for miners, leveraging its energy resources.
Tax Type
No tax
Tax Type
None
Tax Rate
0%
Tax Rate
0%
Exchanges
Yes
Exchanges
Yes
Mining
No
Mining
Yes
Regulator
Financial Services Authority (FSA)
Regulator
NAPM (National Agency for Prospective Projects)
Stablecoin Rules
Regulated under VASP Act 2024
Stablecoin Rules
Regulated under NAPM virtual asset framework
Key Points
- VASP Act 2024 enacted Aug 30, effective Sept 1, 2024
- FSA licenses and supervises all virtual asset service providers
- Mining facilities and mixer/tumbler services prohibited
- VASPs must maintain local office and resident director
- Licensed IBC VASPs taxed at 1.5% on assessable income
Key Points
- NAPM oversees virtual asset regulation and licensing
- Licensed exchanges operate under regulatory framework since 2018
- Individual crypto trading exempt from income tax
- State-backed mining pool and licensing for crypto miners
- Only licensed platforms can offer crypto services; unlicensed platforms blocked