Uzbekistan will launch a regulatory sandbox for stablecoins in 2026, integrating them and tokenized securities into its formal financial system while navigating regional competition and strict monetary oversight.
The new regulation is set to take effect on January 1, 2026. It will permit the issuance of tokenized shares and bonds on licensed local stock exchanges.
Within the regulatory sandbox, pilot projects will be developed for a payment system backed by stablecoins and distributed ledger technology. The National Agency for Prospective Projects and the Central Bank will jointly oversee this initiative.
This step is part of a phased strategy to introduce digital innovations without compromising the nation’s monetary stability. The government intends to integrate these digital assets into the country’s formal financial framework.
Central Bank President Timur Ishmetov previously confirmed in September that studies on digital currencies were underway. He emphasized the necessity of strict control over cryptocurrency activities due to their potential impact on monetary policy.
This principle of strict oversight remains a core tenet of the new legal framework. Studies also explored the possibility of a Central Bank Digital Currency (CBDC), intended primarily for interbank or central bank transactions, not for the general public.
In late March 2024, the National Agency for Prospective Projects issued a directive increasing operational costs for crypto sector participants. Crypto exchanges now face a monthly fee of $20,015, which doubles the previous charge.
These measures aim to ensure that only financially robust entities operate within the regulated ecosystem. They also reflect the country’s priority in preventing risks like money laundering.
Uzbekistan’s move aligns with a broader trend across Central Asia, where several nations are exploring digital infrastructure and cryptocurrencies. Kyrgyzstan, for instance, introduced a stablecoin pegged 1:1 to its local som in October.
Kyrgyzstan has also announced plans for a CBDC and the establishment of a state reserve for digital assets. Experts indicate that Kazakhstan remains a regional leader in this evolving space.
Kazakhstan’s Financial Monitoring Agency dismantled 130 platforms linked to money laundering schemes in October. That same month, the country continued its experiments with CBDCs and supported a state-backed stablecoin.
In September, Kazakhstan initiated a CBDC pilot project and created a state crypto reserve in collaboration with Binance, incorporating the BNB token.