Uzbekistan Legalises Stablecoins for Payments and Approves Tokenized Stocks in 2026 Overhaul
Uzbekistan’s central bank has published draft regulations that legalise the use of stablecoins for payments and permit tokenized stocks as part of a broad 2026 overhaul of its crypto framework. The draft, released by the Central Bank of the Republic of Uzbekistan, proposes allowing stablecoins issued by licensed entities to be used for domestic payments and for settlement in certain financial operations. It also outlines rules for tokenized securities, enabling stocks and other financial instruments to be issued and traded in token form on authorised platforms. The proposals include licensing requirements for issuers and platforms, anti-money laundering (AML) and know-your-customer (KYC) safeguards, custody standards, and supervisory powers for regulators. The reforms aim to integrate digital assets into the formal financial system, attract investment, and modernise capital markets ahead of the 2026 implementation timeline. Key takeaways for traders: (1) legalisation of stablecoins for payments could increase onshore demand for compliant stablecoins; (2) tokenized stocks may create new on-ramp/off-ramp and synthetic equity trading opportunities; (3) licensing and AML/KYC rules may raise compliance costs but improve institutional participation and market credibility. Market participants should watch final rules, licensing timelines, and which stablecoins and platforms gain approvals, as these will determine liquidity flows and tradable product development.
Bullish
Legalisation of stablecoins for payments and the formal approval of tokenized stocks are likely bullish for crypto markets tied to Uzbekistan and for compliant stablecoins and tokenization platforms more broadly. Historical parallels: when jurisdictions clarify rules (for example, Switzerland’s Crypto Valley and later EU MiCA progress), regulatory clarity often led to increased institutional participation, product launches, and higher onshore demand for compliant assets. Short-term impact: modest positive sentiment and speculative interest in related tokens and platforms as traders anticipate approvals and licensing announcements. Liquidity may shift toward stablecoins that meet the new licensing criteria. Long-term impact: greater market depth and new tradable products (tokenized equities) could expand capital flows into crypto markets, attract institutional counterparties, and reduce risk premia over time. Risks that temper the bullish view include strict licensing/AML requirements that raise costs, potential delays in implementation, and limited initial scope of permitted use cases. Traders should monitor official rule finalisation, lists of approved issuers/platforms, and any central bank guidance on acceptable stablecoin types—these will determine which assets benefit most.