RISE Research experts reported that Uzbekistan took first place in their ranking of cryptocurrency adoption among the countries of Central Asia and the Caucasus.

RISE Research clarified that Uzbekistan ranks 33rd in the global index, having moved up 54 points in two years and showing the fastest growth in its region. About half a million citizens own cryptocurrency in this country, which is 1.46% of the total population.

Uzbekistan has created a regulatory framework covering all aspects of the crypto industry – from licensing to anti-money laundering. There are 15 cryptocurrency service providers registered in the country, 10 of which are crypto shops. The turnover of licensed service providers in Uzbekistan in 2024 exceeded $1 billion, experts noted.

Second place among the countries in the region was taken by the Republic of Kazakhstan, where more than 1.5 million citizens can be involved in the global circulation of crypto assets. This is about 8% of the country’s total population, the report states.

Kyrgyzstan is considered one of the most loyal jurisdictions to cryptocurrencies in the region. As of 2024, over one hundred virtual exchange operators (crypto exchanges and exchangers) are registered in Kyrgyzstan. The total turnover of funds for the first half of the year exceeded $4 billion, said analysts at RISE Research.

Earlier, the National Agency for Prospective Projects of the Republic of Uzbekistan (NAPP) decided to increase fees from cryptocurrency exchanges and exchangers operating in the country.