Uzbekistan's 2026 Stablecoin Push Balances Growth with Strict Oversight

Uzbekistan is set to become a key player in the global digital economy as it moves to legalize stablecoin payments and tokenized securities under a tightly regulated framework starting in 2026. The Central Asian nation's National Agency for Perspective Projects, in collaboration with the central bank, has announced a regulatory sandbox to test stablecoin-based payment systems and develop markets for tokenized equities and bonds, according to local media reports. This initiative, effective January 1, 2026, marks a significant shift for a country that previously imposed broad crypto restrictions but has gradually embraced a more structured approach to digital assets according to reports.

The plan aligns with Uzbekistan's broader Digital Uzbekistan 2030 strategy, which positions the country as a regional hub for innovation and digital cooperation. The government has partnered with the GSMA and VEON's Beeline Uzbekistan to host the M360 Eurasia 2026 forum in Samarkand, a historically significant city that symbolizes the nation's ambition to foster cross-regional collaboration. Sherzod Shermatov, Uzbekistan's Minister of Digital Technologies, emphasized the event's role in advancing the country's digital economy, stating that partnerships with the mobile industry are vital to "accelerating economic growth and strengthening regional cooperation."

Under the new regulatory regime, legal entities in Uzbekistan will be permitted to issue tokenized securities, with dedicated trading platforms set up on licensed exchanges. Pilot projects will explore distributed ledger technology for payment systems, while the central bank will monitor risks and technical implementation within the sandbox according to reports. Central Bank Chairman Timur Ishmetov has underscored the need for strict oversight, cautioning that stablecoins could impact monetary policy and must be integrated carefully.

The move reflects a global trend toward regulating stablecoins as foundational infrastructure rather than speculative assets. Similar developments are unfolding in the UAE, where Ripple's RLUSD stablecoin recently received regulatory approval in Abu Dhabi, highlighting the region's growing openness to institutional-grade digital assets. Uzbekistan's approach, however, emphasizes a controlled environment, requiring all crypto transactions to flow through locally licensed providers since 2023, with mandatory customer identification and data retention rules according to reports.

The sandbox is expected to attract foreign investment and position Uzbekistan as a model for digital asset regulation in Central Asia. The country's digital operator, Beeline Uzbekistan, has already expanded its digital services, including financial apps and streaming platforms, underscoring the potential for tech-driven economic growth. Analysts suggest that Uzbekistan's structured framework could inspire neighboring countries, such as Kyrgyzstan, which recently introduced a gold-pegged stablecoin and explored CBDCs according to reports.

As the 2026 rollout approaches, Uzbekistan's leadership aims to balance innovation with stability, ensuring that digital assets contribute to economic development without undermining monetary policy. With regional and global peers advancing similar strategies, the nation's regulatory approach may set a precedent for emerging markets seeking to harness the potential of blockchain technology.