Uzbekistan Legalizes Stablecoins for Payments and Tokenized Stocks in Massive 2026 Overhaul

Core Viewpoint - Uzbekistan is set to integrate stablecoins into its formal payment system and allow the issuance of tokenized stocks and bonds under a regulated framework starting in 2026, positioning itself as a structured environment for digital-asset activity in Central Asia [1][2]. Group 1: Regulatory Framework - A special legal regime will be established on January 1, 2026, introducing a regulatory sandbox managed by the National Agency for Perspective Projects and the central bank [3]. - The regulatory sandbox will facilitate the testing of stablecoins as a payment method within a controlled environment, allowing authorities to monitor risks and market behavior [4]. - Legal entities in Uzbekistan will be allowed to issue tokenized securities starting in 2026, with licensed stock exchanges preparing dedicated trading platforms for this purpose [5]. Group 2: Central Bank's Position - The central bank chairman indicated that stablecoins could be approved for payments under strict oversight due to their potential impact on monetary policy [5]. - The central bank will continue to test various models, including a wholesale Central Bank Digital Currency (CBDC) aimed at expediting interbank settlements [6]. - Since January 2023, all crypto transactions by residents must go through locally licensed crypto asset service providers, with regulations banning anonymous transactions and requiring customer identification [6][7]. Group 3: Mining Regulations - Crypto mining remains legal but is subject to regulation, requiring companies to utilize solar energy and register with the relevant agency [7].