Uzbekistan Strives for Crypto Progress While Enforcing Strict 2026 Regulatory Measures

Uzbekistan to Embrace Stablecoins and Tokenized Securities by 2026

Uzbekistan is preparing to incorporate stablecoins into its official payment infrastructure and introduce trading of tokenized securities under a comprehensive regulatory regime beginning in 2026. This marks a dramatic policy shift for the country, which previously maintained strict limitations on cryptocurrency activities.

According to recent reports from local sources, the government will establish a regulatory sandbox overseen by the National Agency for Perspective Projects in collaboration with the central bank. This initiative will allow stablecoins to be piloted as a payment option using distributed ledger technology. Additionally, pilot projects will investigate the use of tokenized stocks and bonds, with authorized stock exchanges set to create specialized trading platforms for these digital assets.

This strategy positions Uzbekistan alongside other Central Asian nations moving toward formalized digital asset regulation. For example, Turkmenistan plans to legalize cryptocurrencies in 2026, and Kazakhstan has recently introduced a regulated peer-to-peer crypto trading platform.

Regulatory Safeguards and Market Oversight

The central bank of Uzbekistan has stressed the importance of rigorous supervision, citing the potential influence of stablecoins on the nation’s monetary policy. In a statement last September, central bank chairman Timur Ishmetov highlighted the need for vigilant oversight of digital currencies to prevent disruptions to the conventional financial system.

The new regulatory framework requires all cryptocurrency transactions to be processed through domestically licensed platforms, effectively banning anonymous trades and the use of foreign exchanges. Crypto exchanges operating within Uzbekistan are also subject to substantial monthly fees, which were doubled to about $20,000 in 2024 to reinforce regulatory compliance. Despite these measures, digital asset adoption remains strong in the country, with nearly 1.5% of citizens owning cryptocurrencies and licensed providers handling over $1 billion in transactions in 2024.

Global Trends in Stablecoin Regulation

Worldwide, the regulatory landscape for stablecoins is evolving quickly. S&P Global Ratings recently downgraded Tether’s USDT, assigning it a “weak” stability rating due to its significant holdings in high-risk assets such as Bitcoin, which now accounts for 5.6% of USDT’s reserves. This move reflects growing concerns about the risks of undercollateralized stablecoins, especially as Bitcoin’s price fluctuations become more pronounced.

Other countries are also tightening oversight. Abu Dhabi has given the green light for Ripple’s RLUSD stablecoin to be used by institutions, while Canada is advancing its own Stablecoin Act. These actions highlight a global consensus that strong regulatory frameworks are essential to manage systemic risks and encourage responsible innovation in the digital asset space.

Uzbekistan’s Role in the Regional Digital Asset Landscape

With its planned reforms for 2026, Uzbekistan is positioning itself as a leader in Central Asia’s digital asset sector. By piloting stablecoins within a controlled environment and enabling the trading of tokenized securities, the country seeks to foster technological advancement while maintaining financial stability. As international regulators continue to develop standards for digital assets, Uzbekistan’s balanced approach may serve as a blueprint for other nations aiming to leverage blockchain technology without sacrificing economic oversight.