Uzbekistan Approves Stablecoins for Payments in New Sandbox
Uzbekistan will introduce a stablecoin regulatory framework effective January 1, 2026, overseen by the National Agency for Perspective Projects and the central bank. The framework includes a regulatory sandbox to pilot a stablecoin-based payment system using distributed ledger technology. From 2025, local entities may issue tokenized shares and bonds, with dedicated trading platforms on licensed exchanges. Crypto activities remain tightly regulated due to their potential impact on monetary policy, according to the central bank. Uzbekistan is also considering central bank digital currencies (CBDCs) for interbank settlements, not for retail use. Crypto exchange monthly fees were doubled in March 2024. Other Central Asian countries are also advancing digital asset initiatives: Kyrgyzstan launched a stablecoin and plans a CBDC, while Kazakhstan leads in regulation, piloting both a CBDC and a state-linked stablecoin, establishing a crypto reserve, and shutting down illicit platforms.
