Uzbekistan is set to officially incorporate stablecoins into its payment systems, with plans starting from January 1, 2026, as part of a new regulatory sandbox designed to facilitate the trading of tokenized securities.
According to a report by Kun, a local news outlet, the new regulatory framework was signed into law on Thursday. It establishes a sandbox under the supervision of the National Agency for Prospective Projects in collaboration with the central bank.
Next year, pilot projects will aim to create a stablecoin-based payment system utilizing distributed ledger technology. Additionally, entities in Uzbekistan will have the opportunity to issue tokenized shares and bonds, with a dedicated trading platform being introduced on licensed stock exchanges.
The announcement aligns with comments made by Timur Ishmetov, the Chairman of the Uzbekistan Central Bank, who noted that research on digital currencies had begun, stressing the necessity of maintaining rigorous controls over potential cryptocurrency activities to safeguard monetary policy.
CBDCs in Discussion
Ishmetov has also suggested discussions around central bank digital currencies (CBDCs), emphasizing their potential use for streamlining transactions between commercial and central banks rather than for everyday consumer use.
Earlier this year, Uzbekistan’s National Agency for Prospective Projects issued a directive to increase monthly fees for participants in the crypto market, with exchanges now facing fees roughly double the previous amounts.
As the global crypto landscape evolves, Central Asia is making strides in regulatory initiatives. Recent developments saw Kyrgyzstan launch a new stablecoin pegged to its national currency while Kazakhstan has been working on its own digital currency frameworks and has recently enacted robust measures against questionable crypto operations.
