Uzbekistan’s 2026 Stablecoin Initiative Seeks Expansion While Enforcing Rigorous Regulation

Uzbekistan to Legalize Stablecoin Payments and Tokenized Securities by 2026

Uzbekistan is preparing to take a leading role in the international digital economy by introducing a comprehensive regulatory framework for stablecoin transactions and tokenized securities, set to take effect in 2026. The National Agency for Perspective Projects, working alongside the central bank, has unveiled plans for a regulatory sandbox to pilot stablecoin-based payment solutions and foster the development of markets for tokenized stocks and bonds, as reported by local news outlets. This move signals a major transformation for a country that once placed strict limits on cryptocurrencies but is now adopting a more organized stance on digital assets.

This initiative is part of the broader Digital Uzbekistan 2030 vision, which aims to establish the nation as a center for digital innovation and cross-border collaboration. In partnership with the GSMA and VEON's Beeline Uzbekistan, the government will host the M360 Eurasia 2026 forum in Samarkand—a city rich in history and symbolic of Uzbekistan’s drive for regional cooperation. Sherzod Shermatov, the Minister of Digital Technologies, highlighted the importance of this event in advancing the digital economy and stressed that alliances with the mobile sector are crucial for boosting economic progress and strengthening ties across the region.

Under the upcoming regulations, Uzbek businesses will be allowed to issue tokenized securities, with specialized trading platforms operating on authorized exchanges. The sandbox will also support pilot projects utilizing distributed ledger technology for payment systems, while the central bank will oversee risk management and technical implementation. Central Bank Chairman Timur Ishmetov has emphasized the necessity for robust supervision, noting that stablecoins could influence monetary policy and must be introduced with caution.

This regulatory shift mirrors a global movement to treat stablecoins as essential financial infrastructure rather than speculative investments. Similar regulatory advancements are being seen in the UAE, where Ripple’s RLUSD stablecoin recently gained approval in Abu Dhabi, reflecting the region’s increasing acceptance of institutional digital assets. Uzbekistan’s model, however, is characterized by strict controls: since 2023, all crypto transactions must be processed through licensed local providers, with mandatory customer verification and data retention requirements.

The sandbox is anticipated to draw international investors and position Uzbekistan as a benchmark for digital asset regulation in Central Asia. Beeline Uzbekistan, the country’s digital operator, has already broadened its digital offerings, including financial applications and streaming services, highlighting the opportunities for technology-driven economic expansion. Experts believe that Uzbekistan’s systematic approach could serve as an example for neighboring countries like Kyrgyzstan, which has recently launched a gold-backed stablecoin and is exploring central bank digital currencies.

As the 2026 implementation date nears, Uzbekistan’s authorities are focused on fostering innovation while maintaining economic stability, ensuring that digital assets support national development without jeopardizing monetary policy. With other countries in the region and beyond pursuing similar paths, Uzbekistan’s regulatory strategy could become a model for emerging markets eager to leverage blockchain technology for growth.