Uzbekistan has taken a decisive step toward financial modernization by approving the integration of digital assets into its formal payment system. Starting January 1, 2026, the country will allow the regulated use of stablecoins in Uzbekistan and the issuance of tokenized stocks, according to a decree establishing a testing framework supervised by the National Agency for Perspective Projects and the central bank.
Central Bank Chairman Timur Ishmetov has previously noted that approving these assets for payments requires strict oversight to mitigate risks to monetary policy. Under this new regime, legal entities registered in the country will be able to issue digital securities, while licensed stock exchanges prepare dedicated platforms for their secure placement and circulation within the national territory.
This controlled testing environment will allow authorities to closely monitor market behavior and the technical implementation of payments. Pilot programs will explore payment systems based on blockchain and develop a regulated market for tokenized bonds and equities, ensuring innovation does not compromise economic stability. On the other hand, rules in force since 2023 require all transactions to flow through licensed local providers.
Furthermore, the ban on anonymous transactions and the use of unregistered foreign platforms will be maintained, reinforcing state control. The government seeks to balance technological openness with security, requiring mandatory customer identification and the storage of transaction data for a minimum of five years. Thus, the country positions itself as one of Central Asia’s most structured environments for digital asset activity.
Will other Central Asian countries follow the example of this reform?
On the other hand, this move follows the regional trend started by crypto legalization in Turkmenistan and initiatives in Kazakhstan. Uzbekistan already leads adoption in the area alongside its neighbors, with nearly 1.5% of the population holding cryptocurrency in 2024 and a locally processed transaction volume exceeding $1 billion, according to data from Rise Research.
Likewise, the global context supports this decision, with jurisdictions like the European Union and Hong Kong implementing their own licensing systems. The formation of the Blockchain Payments Consortium, which includes major players like Solana and Fireblocks, underscores the need to standardize how digital assets move across networks, something the new Uzbek law seeks to facilitate through its advanced legal framework.
To conclude, Uzbekistan’s strategy represents a fundamental shift from a restrictive stance toward regulated and mature adoption. With legal mining restricted to solar energy use and ongoing testing of wholesale CBDC models, the nation is expected to consolidate its digital financial infrastructure, attracting institutional investment while protecting its citizens from the unregulated volatility of the global crypto market.
