Uzbekistan Approves Stablecoin Sandbox as Fintech Sector Accelerates Toward 2030

Uzbekistan has taken a major step toward becoming Central Asia’s fintech hub after President Shavkat Mirziyoyev signed a sweeping decree on 28 November approving a regulatory sandbox for stablecoin payments, set to launch on 1 January 2026.

The initiative will allow selected companies to test blockchain-based payment tools and tokenized assets, including digital versions of shares and bonds, under relaxed licensing rules. The move is part of a broader five-year strategy (2026–2030) to double the number of fintech firms operating in the country from 103 to 200.

To support this expansion, the Central Bank will create a $50 mln venture fund for early-stage startups and seek $1 bn in foreign investment, offering tax incentives and simplified visas for tech talent.

At the heart of the reform is Uzbekistan’s first stablecoin experiment. Central Bank Chairman Timur Ishmetov recently confirmed that both a central bank digital currency (the «digital som») and bank-backed stablecoins will be piloted simultaneously to evaluate security, settlement efficiency and cross-border potential.

Companies admitted to the sandbox will receive three years of tax perks but must comply with FATF-aligned anti-money laundering rules. Early tests will focus on tokenized securities trading and blockchain-based settlements.

The reforms build on Uzbekistan’s rapid digital transformation under the Digital Uzbekistan 2030 strategy, which has digitized most public services and driven a surge in cashless payments. Crypto adoption is also rising, with more than 512,000 residents holding digital assets — the highest ratio in Central Asia.

Analysts say stablecoins could significantly reduce remittance costs in a country where transfers account for 12% of GDP, while regional pilots in Kazakhstan and Kyrgyzstan signal the emergence of a potential cross-border digital currency corridor.

Uzbekistan’s fintech push, backed by partnerships with firms like Beeline and Mastercard, is expected to reshape the country’s payments landscape by the end of the decade — and position Tashkent as a key digital finance innovator in the region.

Kursiv Uzbekistan also reports that the Ministry of Justice has announced that a new decree signed by President Shavkat Mirziyoyev sets out plans to expand the Tashkent Metro network to 103 km by 2030.