Uzbekistan is introducing a special legal framework that regulates the use of stablecoins as a means of payment and also enables the issuance and circulation of tokenized stocks and bonds.
Shavkat Mirziyoyev, President of Uzbekistan, approved a decision to develop the FinTech sector, which includes the legalization of stablecoins as a payment instrument in a pilot mode. At the same time, the state will create the foundation for a functioning market of tokenized securities.
According to the document, starting January 1, 2026, the country will implement a special legal regime regulating the circulation of stablecoins. As part of this initiative, pilot projects are planned to create a payment system based on distributed ledger technology (DLT), aimed at ensuring transparency and operational stability.
Also beginning in 2026, Uzbek resident legal entities will be allowed to issue tokenized shares and bonds. For their placement and subsequent trading, licensed stock exchanges will create a separate trading platform. This will mark the country’s first launch of a digital securities market fully integrated into the national financial infrastructure.
The legal regime will include a regulatory sandbox mechanism, the operating procedures for which will be defined by the National Agency of Perspective Projects (NAPP) together with the central bank. This will allow innovative financial instruments to be tested under controlled conditions, minimizing risks.
In addition, the document provides for the introduction of an open banking system in Uzbekistan, expanding opportunities for interaction between banks and FinTech companies and increasing competition in the financial services market.
In May 2025, Uzbekistan launched a pilot project to create the HUMO cryptocurrency asset, fully backed by government bonds, aimed at attracting investment and developing the digital economy.
