National agency of perspective projects of the Republic of Uzbekistan

What National agency of perspective projects of the Republic of Uzbekistan does

The National Agency of Perspective Projects of the Republic of Uzbekistan (NAPP) is a state regulatory institution headquartered in Tashkent at Nukus Street 22, Mirobod district, accountable to the President of the Republic of Uzbekistan. It was originally established in 2017 as the National Agency of Project Management under the President and was reorganized and renamed to its current form in April 2022. Between September and November 2023, it absorbed the capital market and insurance regulatory functions of the Ministry of Economy and Finance, the e-commerce regulatory functions of the Ministry of Digital Technologies and the Ministry of Investment, Industry and Trade, and the lottery and betting regulatory functions of the Ministry of Economy and Finance. As a result, NAPP is the sole authorized body for licensing, permitting, and supervision across five regulatory verticals: crypto-asset turnover (including mining and service providers), the capital market (securities trading, professional participants, mortgage bonds, and investment platforms), the insurance market, e-commerce, and lottery and gambling activities. The agency issues licenses, conducts qualification examinations for securities and actuarial professionals, operates Regulatory Sandboxes, and enforces AML/CFT standards aligned with FATF recommendations.

NAPP's technical infrastructure consists of approximately 16 interconnected electronic registries and permit/license systems, including the Electronic Registry of Mining Permissions (ERMAp), the Electronic Registry of Licenses for Service Providers (ERLSP), the Electronic Registry of Crypto-Assets (CAER), the Register of Professional Securities Market Participants, the Register of Mortgage Bond Participants, the Register of Investment Platform Participants, the Actuarial Qualification Certificate Registry, and the Online Trading Platforms Performance Assessment Rating. These systems support a Special Regime (Regulatory Sandbox) for both crypto-asset turnover and capital market participants and are being progressively integrated into a Unified Reporting System that becomes mandatory on January 1, 2028. The technology stack is focused on distributed ledger technology oversight, electronic registry management, and digitalized AML/CFT information exchange with the Department for Combating Economic Crimes under the General Prosecutor's Office.

NAPP does not operate a commercial business model. It is funded from the State Budget of Uzbekistan, state target funds, and foreign credits and grants. Its GTM motion is government-to-business regulatory engagement: direct licensing services, electronic registration, qualification exams, and enforcement actions conducted through the central Tashkent office and electronic service systems. The agency's customer base in the regulated-entity sense spans securities market professionals, crypto-asset service providers, insurance companies, and e-commerce operators; no specific paying customers or commercial pricing tiers exist. Strategic partnerships with multilateral institutions (IMF, ADB, EBRD, IFC, INATBA) and foreign regulators and financial institutions (Central Bank of UAE, Meezan Bank, Noor Financial Investment, Auerbach Grayson, Central Depositary of Armenia) are used for technical assistance and to develop new regulatory frameworks, including Islamic securities (sukuk) under Uzbekistan's draft Capital Market law.

Name

National agency of perspective projects of the Republic of Uzbekistan

Legal name

National Agency of Perspective Projects of the Republic of Uzbekistan

Website

https://napp.uz

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

51–100 employees

Short description

The National Agency of Perspective Projects of the Republic of Uzbekistan (NAPP) is a state regulatory agency, headquartered in Tashkent, that licenses and supervises crypto-asset turnover, the capital market, insurance, e-commerce, and lottery/gambling sectors in Uzbekistan.

Ownership category

akta.pro rank

Product category

Financial Services Regulation

NAICS

Regulation, Licensing, and Inspection of Miscellaneous Commercial Sectors (92615), Executive, Legislative, and Other General Government Support (921)

SIC

Services-Engineering, Accounting, Research, Management (8700)

akta.pro primary industry

State/Provincial Licensing, Permitting & Regulatory Administration (Cross-sector) (BPAIABAO)

Keywords

• Crypto-asset regulation
• Capital market licensing
• Insurance supervision
• Securities market oversight
• Electronic commerce regulation

Headquarters

HQ city

Tashkent

HQ country

Uzbekistan

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Infrastructure

Revenue model

1. Government Appropriation: NAPP is financed from the State Budget of Uzbekistan, state target funds, and foreign credits and grants attracted by Uzbekistan. This is a government institution operating under presidential authority without commercial revenue generation.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

The National Agency of Perspective Projects (NAPP) is the authorized state body of the Republic of Uzbekistan responsible for regulation, licensing, permitting, and supervision across crypto-asset turnover, capital and securities market, insurance, electronic commerce, and lottery/betting sectors. It issues activity licenses, maintains electronic registries of regulated entities, conducts qualification exams for securities market participants, implements FATF-aligned AML/CFT frameworks via a Unified Reporting System, and operates a regulatory sandbox (special legal regime) for innovative projects. The agency is financed from the State Budget and is accountable to the President and the Cabinet of Ministers.

Product overview

The National Agency of Perspective Projects of the Republic of Uzbekistan operates as a regulatory body overseeing multiple electronic registry and licensing systems across five major sectors: crypto-asset turnover (including mining, service providers, and distributed ledger technology), capital market (securities trading, professional participants, and regulatory sandbox participants), insurance market (actuarial certifications and insurer ratings), e-commerce (online trading platform assessments), and lottery/gambling activities. The core infrastructure consists of interconnected electronic registries and permit/license management systems that provide regulatory oversight, compliance monitoring, and market participant registration for the financial and digital asset sectors of Uzbekistan's economy.

Differentiator

Problem solved

Functional benefit

Products and services

• Crypto-asset service provider licensing Activity licenses issued to crypto-asset service providers, including crypto-asset exchanges, crypto-exchangers, mining entities, custodians, dealers, and trusts conducting operations in Uzbekistan. Licensing fees are directed to the agency development fund.
• Securities market activity licensing Licenses for securities market activities, including securities market professional participation, trust management, investment funds, and investor protection oversight. The agency also administers qualification exams for securities market participants.
• Insurance activity licensing and supervision Licenses for insurance companies, insurance brokers, and actuarial organizations, plus ongoing supervision of insurance market compliance and e-policy issuance in the electronic insurance register.
• Lottery and betting activity licensing Licensing and oversight of lottery, betting, and gaming operators, including revenue monitoring and regulatory compliance enforcement in this category.
• E-commerce operator registration and permitting Registration of e-commerce entities in the electronic e-commerce register, permitting where required, and supervision of compliance with consumer protection and data subject consent requirements.
• Regulatory sandbox (special legal regime) A special legal regime (regulatory sandbox) allowing innovative projects in regulated sectors to operate under defined legal protections and an accelerated licensing pathway. The agency publishes lists of applicants and participants.
• Qualification exams for securities market participants Qualification exams certifying securities market professionals, supporting licensing compliance and professional standards across the capital market.
• AML/CFT compliance supervision via Unified Reporting System Ongoing AML/CFT compliance oversight of regulated entities through the Unified Reporting System, incorporating FATF recommendations into national regulatory practice across crypto-asset, securities, insurance, and e-commerce sectors.

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Ten partnerships are on record, tiered core and minor.

• Meezan Bank (Pakistan)coreStrategic or Co-development Partner · 5 February 2026Leading Islamic bank in Pakistan headquartered in Karachi, operating according to Sharia financing principles. Discussed prospects for issuance and introduction of Islamic securities (sukuk) within the framework of new draft law on Capital Market. Agreed to continue mutual cooperation and develop partnership relations including exchange of expertise in Islamic securities issuance.
• Noor Financial Investment Company (Kuwait)coreStrategic or Co-development Partner · 5 February 2026Major Kuwaiti investment company operating in financial services, investment and asset management sectors in Kuwait, Middle East, Asia and other markets. Important strategic investor and shareholder in Meezan Bank. Discussed Islamic securities (sukuk) cooperation within Uzbekistan's new Capital Market law framework.
• Central Depositary of Armenia OJSCminorStrategic or Co-development PartnerOperator of Unified System of Securities Registration and Settlement in Armenia. Registered as participant in Regulatory Sandbox. Activities comply with ISO 9001:2015 and ISO/IEC 27001:2013. Holds BBB rating from Thomas Murray. Member of Association of National Numbering Agencies (ANNA) and Association of Eurasian Central Securities Depositories (AECSD).
• Auerbach Grayson & Company LLC (USA)minorStrategic or Co-development PartnerUS broker-dealer registered with SEC and member of FINRA, registered in 13 US states. Operating on agency-only model executing equity, fixed-income and derivative transactions for US institutional investors through partners in 125 countries. Fifth Regulatory Sandbox participant. Intends to represent US institutional investors in Uzbekistan's capital market and facilitate cross-listing of securities for Uzbek IPOs.
• Asian Development Bank (ADB)coreStrategic or Co-development PartnerProvided recommendations for Regulations on IFI Bond Issues in National Currency. ADB's private sector loans include approximately one-third in local currencies (Thai baht, Indian rupee, Chinese yuan, Kazakh tenge, Georgian lari) with total national currency portfolio exceeding $5 billion as of April 2025.
• European Bank for Reconstruction and Development (EBRD)coreStrategic or Co-development PartnerProvided recommendations for Regulations on IFI Bond Issues in National Currency. Placed first bonds in Georgian lari worth 107 million GEL (43.9 million euros) on Georgian Stock Exchange in June 2016.
• International Finance Corporation (IFC)coreStrategic or Co-development PartnerProvided recommendations for Regulations on IFI Bond Issues in National Currency. Issued first bonds in Kazakh tenge worth 8.6 billion tenge ($25 million) on Kazakhstan Stock Exchange in August 2018.
• International Monetary Fund (IMF)coreStrategic or Co-development PartnerTechnical assistance mission discussed improving financial statistics, interagency data exchange, and aligning financial reporting with international standards. Reviewed Monetary and Financial Statistics compilation and Financial Soundness Indicators. Discussed Unified Reporting System mandatory from January 1, 2028.
• INATBA (International Association for Trusted Blockchain Applications)minorStrategic or Co-development PartnerNAPP is official member of INATBA's Governmental Advisory Body since October 2022. Participated in INATBA conferences and working groups for blockchain and distributed ledger technology standards.
• Central Bank of UAEminorStrategic or Co-development PartnerOrganized knowledge-sharing sessions on Islamic finance regulation and supervision in November 2025. Uzbek delegation visited First Abu Dhabi Bank, Dubai Islamic Bank, and Emirates NBD to learn about Islamic banking implementation.

Scale indicators3 records

Recent moves9 records

Expansion highlights6 records

Direct peers

• Astana Financial Services Authority (AFSA): Regulator of Kazakhstan's Astana International Financial Centre, responsible for capital markets, banking, insurance, and fintech/crypto activities within a special legal regime. Direct regional peer to NAPP given both act as single-window financial regulators for emerging Central Asian financial hubs.
• Agency for Regulation and Development of Financial Market of Kazakhstan (ARDFM): National financial regulator of Kazakhstan overseeing capital markets, insurance, pension assets, and financial intermediaries. Direct peer operating in the same Central Asian post-Soviet regulatory tradition with overlapping capital market and insurance jurisdiction similar to NAPP's.
• Capital Markets Board of Turkey (SPK/CMB): Turkey's capital markets regulator overseeing securities issuers, intermediaries, investment funds, and infrastructure. Comparable to NAPP as an emerging-market capital market regulator with a mandate spanning licensing, supervision, and AML/CFT compliance.
• Central Bank of the UAE: UAE banking, insurance, and payment supervision authority with active Islamic finance expertise. Direct peer for the November 2025 knowledge-exchange engagement and broader peer for banking/insurance regulatory framework design that NAPP is building.
• Dubai Financial Services Authority (DFSA): Independent regulator of the Dubai International Financial Centre, covering securities, derivatives, Islamic finance, and innovative fintech/crypto activities within a special regime. Comparable to NAPP given similar emerging financial hub mandate and Islamic finance relevance.
• Securities and Exchange Commission of Pakistan (SECP): Regulates Pakistan's securities market, insurance, and companies; a current NAPP collaborator on Islamic securities/sukuk. Direct emerging-market peer focused on capital market and insurance regulation with Islamic finance depth paralleling Uzbekistan's priorities.
• Financial Services Regulatory Authority of Abu Dhabi (FSRA): Regulator of ADGM covering banking, insurance, asset management, virtual assets, and fintech sandbox participants. Direct peer for NAPP's sandbox-based, multi-sector financial hub model with comparable crypto and capital market licensing depth.

Emerging players

• Abu Dhabi Global Market (ADGM): International financial center in the UAE with its own regulator (FSRA) overseeing virtual assets, capital markets, and fintech sandboxes. Comparable regulatory sandbox and emerging-hub model to NAPP, particularly relevant given the Central Bank of UAE knowledge-sharing partnership on Islamic finance.

Broad incumbents

• Securities and Futures Commission of Hong Kong (SFC): Established securities and futures regulator with active virtual asset licensing regime and investor protection focus. Broad incumbent peer relevant to NAPP's securities licensing, qualification exams, and AML/CFT enforcement activities.
• Monetary Authority of Singapore (MAS): Integrated central bank and financial regulator covering banking, securities, insurance, and payments with industry-leading fintech/crypto frameworks. Broad incumbent peer whose multi-sector regulatory architecture resembles NAPP's consolidated mandate and serves as a structural benchmark.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/NAPP185248
• YouTubeyoutube.com/channel/UCv1_VkhCSoR_a2URfR7xXZA
• Facebookfacebook.com/nappuz
• Instagraminstagram.com/ilma_uzbekistan
• LinkedInlinkedin.com/company/the-national-agency-of-perspective-projects-of-the-republic-of-uzbekistan

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about National agency of perspective projects of the Republic of Uzbekistan