Uzbekistan has advanced a revision of its digital-asset rules, preparing to allow regulated use of stablecoins for payments.
The Central Asian country also aims to establish a framework for tokenised securities from early 2026. The measures extend a compliance-centred approach that the country has applied in recent years, including restrictions introduced in 2023 requiring residents to transact solely through locally licenced crypto-asset service providers.
Regulatory sandbox set for 2026
A new decree sets out a controlled testing regime scheduled to begin on 1 January 2026. The scheme, administered jointly by the National Agency for Perspective Projects and the central bank, will evaluate the use of stablecoins within a supervised payments environment. Authorities intend to monitor operational risks, observe market behaviour, and assess the technical feasibility of distributed-ledger-based settlement tools. The same framework will support trials for tokenised equities and bonds, paving the way for a regulated market in digital securities.
Under the rules, Uzbek companies will be allowed to issue tokenised stocks and bonds, while licenced domestic exchanges are preparing dedicated platforms to support trading and circulation. Crypto remains categorised as an asset rather than legal tender, but stablecoins will become the first class allowed for payment use under strict oversight.
Officials from the central bank have previously stated that stablecoins could be integrated into payment systems only with close supervision, noting that expectations around digital currencies often surpass their practical role within established financial infrastructure. The bank is also continuing separate tests of a wholesale central bank digital currency aimed at improving interbank settlement speed rather than serving retail users.
The regulatory overhaul coincides with other adjustments in the sector. Monthly fees for Uzbek crypto exchanges were doubled in 2024 to reinforce compliance obligations, while licenced providers processed more than USD 1 billion in transactions that year. Adoption levels placed the country among the most active in Central Asia, alongside Kazakhstan and Kyrgyzstan.
