Cryptocurrency invades Central Asia and the Caucasus

Cryptocurrency ownership is gaining popularity across Central Asia and the Caucasus, according to a report prepared by a group of financial services companies. Uzbekistan has the highest adoption rate for crypto assets in the regions and ranks 33rd globally.

The Russian-language report, titled Digital Assets in Central Asia and the Caucasus, shows that almost 1.5 percent of Uzbekistan’s population, or roughly 512,000 individuals, owns cryptocurrency. The 15 licensed cryptocurrency exchanges and outlets operating in Uzbekistan handled over $1 billion worth of transactions in 2024, the report adds.

Kazakhstan ranked 57th in the world and Kyrgyzstan 76th, according to the report. Tajikistan and Turkmenistan were not ranked.

In the Caucasus, Georgia has the highest global ranking in crypto asset adoption, coming in at 54th. That position, however, is 17 spots lower than Tbilisi’s ranking in 2022. Armenia was 77th and Azerbaijan came in at 92nd, according to the report.