Uzbekistan Launches Pilot Regime for Regulated Stablecoins

The National Agency for Prospective Projects of Uzbekistan, in collaboration with the Central Bank, has approved a regulation establishing a special legal regime for the circulation of stablecoins. This framework sets out rules for participant registration, activity monitoring, registry maintenance, and procedures for revoking participant status.

The primary goals of introducing this special regime are to create conditions for developing payment systems based on distributed ledger technology and to facilitate the issuance and use of stablecoins in payment operations. The initiative also aims to attract investment, enhance competition in the financial market, stimulate the adoption of innovative payment solutions, protect user and investor rights, and refine legislation based on pilot project outcomes.

The experimental regime permits projects involving the issuance of stablecoins backed by national or foreign currency. These tokens can be used as a means of payment within the country, applied in international settlements, and serve as a foundation for creating new payment systems using distributed technologies.

However, the regulation explicitly prohibits certain activities. The issuance of algorithmic stablecoins, tokens with anonymity functions, and digital assets backed by other cryptocurrencies is strictly forbidden.

According to established requirements, stablecoin issuance is only allowed when fully backed by monetary funds in national or foreign currency. These funds must be mandatorily reserved in a separate account at the Central Bank to ensure additional financial stability for the system.

The regulation also introduces stringent norms in information and cybersecurity. Participants in the pilot regime are required to implement data protection systems, appoint responsible specialists, approve internal regulations, and ensure stable operation of their digital asset issuer infrastructure.

Registration of participants is handled by the National Agency for Prospective Projects. Key parameters—including financial stability requirements, cybersecurity standards, and token issuance volumes—must be coordinated with Uzbekistan's Central Bank.

The implementation period for pilot projects is set at 12 months with possible extensions; however, the total duration must not exceed three years. All participants will be listed in a single public registry published on the authorized body's official resource.