Uzbekistan Embraces Stablecoins: Regulatory Sandbox Launches in 2026

Uzbekistan Set to Launch Stablecoin Regulatory Sandbox in 2026

Uzbekistan is moving to integrate stablecoins into its formal payment system, starting with a tightly controlled development sandbox, according to local media reports. This move aims to explore the potential of blockchain technology in the payments sector.

According to a report by local news outlet Kun, Uzbekistan’s new stablecoin regulatory framework will come into force on January 1, 2026. The new law, signed on November 27, establishes a regulatory sandbox under the purview of the National Agency for Perspective Projects, in conjunction with the central bank.

Details of the Regulatory Sandbox

Pilot projects are expected to be implemented to develop a stablecoin-based payment system operating on distributed ledger technology (DLT). Starting next year, Uzbekistan-based entities will reportedly be allowed to issue tokenized shares and bonds, and a separate trading platform will be created on licensed stock exchanges for these new assets.

The news follows Uzbekistan’s central bank Chairman Timur Ishmetov announcing in September that studies on digital currencies are underway. At the time, he said that crypto activities “should be done under strict control, as it will have a serious impact on monetary policy.”

Central Bank Digital Currencies (CBDCs) Also Under Consideration

Ishmetov also mentioned central bank digital currencies (CBDCs), but not in their retail form. He explained that “such a currency would not be used in people’s daily lives, but mainly to speed up settlements between commercial or central banks.”

In late March 2024, Uzbekistan’s National Agency for Prospective Projects issued a directive to increase monthly fees for crypto market participants in the country. Under the new system, crypto exchanges face a monthly fee equivalent to $20,015 — about double the previous fee.

Central Asia Keeping Pace

As much of the world develops crypto regulatory frameworks, Central Asia has also progressed. In late October, Kyrgyzstan rolled out a new stablecoin pegged 1:1 to the Kyrgyzstani som, while confirming plans to issue a central bank digital currency and explore a digital asset reserve.

However, Kazakhstan clearly leads the pack. According to October reports, Kazakhstan’s Financial Monitoring Agency took down 130 crypto platforms involved in money laundering schemes this year. Earlier that month, the country also continued implementing its dual-track approach to digital assets, piloting a CBDC while also backing a state-linked stablecoin.

This followed the launch of the Kazakhstan central bank’s stablecoin pilot project in late September. Also in September, the country established a state-backed crypto reserve in partnership with Binance, holding BNB (BNB).