Uzbekistan is preparing to integrate stablecoins into its national payment system under a tightly supervised regulatory sandbox that begins Jan. 1, 2026,according to local outlet Kun. President Shavkat Mirziyoyev signed the new framework on Nov. 27, placing oversight under the National Agency for Perspective Projects in coordination with the central bank.
The sandbox will allow pilot programmes to test distributed, blockchain-based payment rails using stablecoins. Along with this, Uzbekistan-based entities will gain the ability to issue tokenised shares and bonds starting next year, with a dedicated trading venue being established on licensed stock exchanges for these digital securities.
Central bank ties stablecoin adoption to monetary-policy stability
The shift follows comments from central bank chairman Timur Ishmetov in September, when he emphasised that digital-asset activity must remain under “strict control” due to its potential impact on monetary policy. Any future central bank digital currency would focus on interbank and wholesale settlements rather than everyday consumer payments.
Uzbekistan has simultaneously tightened its domestic crypto oversight. In March 2024, the National Agency for Prospective Projects raised the monthly fees for businesses, including doubling exchange fees to over $20,015. This was a sign that the agency wanted to move towards a more controlled and unified market structure.
Central Asia steps up regional digital-asset development
Uzbekistan’s stablecoin framework arrives as Central Asia accelerates digital-asset innovation. Kyrgyzstan recently launched a stablecoin pegged 1:1 to the Kyrgyzstani som and reaffirmed plans for both a CBDC and a digital-asset reserve. Kazakhstan remains the region’s most advanced player, taking down more than 130 illicit crypto platforms this year while rolling out a dual-track approach that includes a CBDC pilot and a state-linked stablecoin initiative. The country also established a state-backed crypto reserve in partnership with Binance in September.