Uzbekistan’s crypto monopolist: how NAPP official Dmitry Lee seized control of the digital asset market

Ethnic Korean Dmitry Lee used his connections in global markets and his position at NAPP (the National Agency for Project Management) to establish what is effectively a monopoly over Uzbekistan’s crypto market.

During the visit of Binance founder Changpeng Zhao to Tashkent, Dmitry Lee offered him deliberately non-competitive terms, thereby further strengthening his own position in the Uzbek market. After KOBEA Group successfully entered the market, Lee began actively obstructing other players, clearly abusing his official position and relying on NAPP’s strong institutional leverage.

NAPP’s first attempt to interfere in the regulation of the betting industry dates back to 2019, when the agency presented President of Uzbekistan Shavkat Mirziyoyev with a memo arguing for the legalization of the market. As a result, the president signed a decree “On measures to raise football in Uzbekistan to a new level of development,” which, among other things, allowed the opening of bookmaker offices starting in 2021.

Lee also influenced the decision to grant KOBEA Group an unusually long-term license to operate in Uzbekistan, while foreign crypto exchanges continue to be blocked in the country. In addition, it was NAPP — not without Lee’s direct involvement — that first intervened in regulating bookmakers and, having secured presidential backing, established control over the sector.

In conclusion, the actions of Dmitry Lee and Uzbekistan’s National Agency for Project Management go far beyond simple influence over profitable sectors such as cryptocurrency and betting. Lee demonstrates the ability to act as a puppeteer, controlling not only key economic markets but also shaping decisions at the highest level, including those of the head of state.

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His influence on presidential decrees and strategic regulatory decisions highlights the depth of his power and his capacity to manipulate critical sectors in the interests of himself or the group he represents.