Uzbekistan Launches Stablecoin Payments Under Tight Oversight

Highlights:

• Uzbekistan will test digital payments and tokenized assets inside a controlled system that begins in early next year.
• Uzbekistan will launch stablecoin payments through a strict sandbox that supports secure market activity.
• Global and regional policy shifts have helped Uzbekistan build secure digital markets with strict rules for asset activity.

Uzbekistan will introduce a controlled regime for digital assets on January 1, 2026. The plan will allow stablecoins and tokenized securities to operate under strong oversight. Authorities confirmed that the new system will support payment tests, tokenized asset issuance, and a broader push to modernize the financial sector. The National Agency for Perspective Projects and the Central Bank will run the program. Both institutions will supervise all activity and track risk, technology strength, and market behavior.

The special regime will launch through a regulatory sandbox. The sandbox will create a controlled space where stablecoins and related tools can run under strict supervision. Regulators will review performance, user patterns, and possible pressure on existing payment systems. They will also test a distributed-ledger payment network designed to support fast settlement.

Uzbekistan is transitioning to a regulated digital-asset space instead of rigid restrictions. The nation, which previously limited the use of cryptos, is currently advocating for a regulated approach and licensed operations. The transformation comes after years of reviews and multiple regulatory updates.

Uzbekistan Launches Stablecoin Payments Through a Controlled Sandbox Model

The sandbox will allow stablecoins to run inside a monitored payment system. Regulators plan to track user demand, market flow, and technical reliability. They also want to understand how stablecoins interact with the wider economy. This approach supports a cautious but active expansion of digital payments.

Domestic companies can issue tokenized stocks and bonds from January next year. Exchanges licensed will establish specific platforms that will handle such assets. These platforms will handle placement, circulation, and access by investors. The shift will also increase access to capital markets in Uzbekistan.

Uzbekistan already enforces tight rules on the sector. All crypto transactions that transpire after January 2023 are required to go through licensed local providers. These laws do not allow unidentified sales and inhibit access to foreign exchange. They demand five years of data retention by identity check and force providers. Mining is still permitted, although it must be done by solar power and with the conditions of registration.

Regional Policy Momentum Strengthens Uzbekistan’s Digital Strategy

The Central Asia region is on the road to dynamic crypto regulation. Kazakhstan has recently signed new rules on digital assets. Moreover, Kyrgyzstan launched a gold-backed stablecoin and expanded its licensing regime. Turkmenistan also came up with a law that encompassed mining and exchange activity.

Global oversight is already building. The European Union started applying its MiCA framework. The United States advanced federal stablecoin rules through the GENIUS Act. The UAE and Hong Kong expanded licensing for token issuers. Kenya, Brazil, and South Africa developed rules for cross-border and domestic use.

Industry associations are also engaged in smoother digital settlement. The Blockchain Payments Consortium was founded by a coalition of Polygon Labs, Solana Foundation, TON Foundation, and Fireblocks. The group seeks to standardize the movement of assets among networks. Uzbekistan expects these trends to support its transition. The government also plans to grow its fintech market to 200 firms. A $50 million venture fund will support this expansion. Officials hope to attract up to $1 billion in investment over five years.

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