Exciting changes are on the horizon for Uzbekistan as it gears up to introduce stablecoins into its official payment system! Local media reports exciting news about a new development sandbox that will kick off this impressive initiative.
As per a report from Kun published on Friday, Uzbekistan’s regulatory framework for stablecoins will officially begin on January 1, 2026. This fresh law, signed on November 27, clears the way for a regulatory sandbox managed by the National Agency for Perspective Projects and the central bank.
Get ready for pilot projects where a stablecoin-based payment system will thrive, utilizing the power of distributed ledger technology! Starting next year, businesses in Uzbekistan will have the green light to issue tokenized shares and bonds. Plus, a special trading platform will be set up on licensed stock exchanges for these new assets.
This news comes after Uzbekistan’s central bank Chairman, Timur Ishmetov, shared in September that they’re actively researching digital currencies. He emphasized that such activities need careful oversight because they could significantly affect the country’s monetary policy.
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CBDCs Are Part of the Plan Too!
Ishmetov also touched upon central bank digital currencies (CBDCs), but clarified that they won’t be used for daily transactions. Instead, these currencies are set to enhance the efficiency of settlements between commercial and central banks.
In March 2024, Uzbekistan’s National Agency for Prospective Projects decided to raise monthly fees for crypto market players. Crypto exchanges will now be paying a whopping $20,015 monthly fee, doubling the previous amount!
Related: Kyrgyzstan embraces the state crypto reserve concept with a new bill!
Central Asia Is Keeping Up!
While the world embraces crypto regulations, Central Asia is also making strides. Just recently, Kyrgyzstan launched a new stablecoin pegged to the Kyrgyzstani som, along with plans for a central bank digital currency and even a digital asset reserve.
However, Kazakhstan is taking the lead. Reports from October revealed that the Financial Monitoring Agency had shut down 130 crypto platforms involved in money laundering schemes this year. Earlier that month, the country also continued its dual-track strategy for digital assets by piloting a CBDC while supporting a state-linked stablecoin.
This follows the launch of the Kazakhstan central bank’s stablecoin pilot project in late September. In addition to that, the country established a state-backed crypto reserve in collaboration with Binance, holding BNB (BNB).
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