In a region where digital innovation often lags behind geopolitical headlines, Uzbekistan is positioning itself as Central Asia's fintech vanguard. On November 28, 2025, President Shavkat Mirziyoyev signed a sweeping decree titled "On Measures to Further Develop the Financial Technology Sector in Uzbekistan," greenlighting a regulatory sandbox for stablecoin payments starting January 1, 2026.
This pilot will test blockchain-based payment solutions, allowing select firms to experiment with tokenized assets like shares and bonds under controlled conditions - without the full weight of licensing until proven viable.
The move caps a year of accelerating reforms under Mirziyoyev's administration, which has transformed Uzbekistan from a closed Soviet relic into an open-door economy since 2016.
The decree outlines a five-year blueprint (2026–2030) to supercharge fintech, aiming to swell the sector's player count from today's 103 licensed firms to 200 by decade's end.
To fuel this growth, the Central Bank (CBU) will launch a $50 million venture fund dedicated to early-stage startups, offering grants, low-interest loans, and mentorship. Authorities are also targeting $1 billion in foreign direct investment over the period, with incentives like tax holidays for blockchain innovators and streamlined visa programs for tech talent.
At the core is stablecoin experimentation, a nod to the CBU's September 2025 announcement by Chairman Timur Ishmetov. Speaking at a Tashkent press conference, Ishmetov revealed plans to pilot both a central bank digital currency (CBDC) - the "digital som"—and privately issued stablecoins backed by commercial banks or reserves.
"We must test both avenues rigorously," he emphasized, citing risks like reserve mismanagement seen in global CBDC trials (e.g., the U.S. Federal Reserve's decision to shelve a retail digital dollar).
The digital som would prioritize interbank settlements and cross-border transfers, not everyday retail, to avoid inflationary pitfalls. Stablecoins, meanwhile, could bridge gaps in Uzbekistan's nascent digital payments ecosystem, where non-cash transactions hit 45% of volume in 2024 - a 35% jump from 2023, thanks to the National Payment System.
This sandbox isn't a free-for-all. Participants, vetted by the National Agency for Prospective Projects (NAPP) - Uzbekistan's crypto watchdog—will enjoy three years of tax perks and unlicensed operation, but must adhere to anti-money laundering (AML) standards aligned with Financial Action Task Force (FATF) guidelines.
Early focus: tokenized securities trading on licensed exchanges, with stablecoins as the settlement rail. Uzbekistan's crypto market, valued at $162 million in 2025 with a projected 4.78% CAGR through 2030, already boasts 15 licensed providers and a solar-powered mining sector that's drawn firms like Binance since 2018.
The broader fintech push ties into Uzbekistan's "Digital Uzbekistan 2030" strategy, which has digitized 80% of public services and boosted mobile banking users by 28% last year. Complementary decrees from late November mandate real-time bank transfers via the Instant Payment System by February 2026 and a unified QR-code standard for seamless cross-provider payments - piloted in December under Ishmetov's oversight.
These dovetail with open banking initiatives, where banks like Kapitalbank and fintechs like Uzum are testing API integrations for embedded finance.
Uzbekistan's crypto adoption already leads Central Asia: 1.46% of its 36 million people (512,300 individuals) own digital assets as of 2023, per Chainalysis data, outpacing neighbors like Kazakhstan (1.2%). Remittances - $8.2 billion annually, or 12% of GDP - could supercharge via stablecoins, slashing fees from 7% (traditional wires) to under 1% on blockchain rails. Regional ripple effects are evident: Kyrgyzstan's October 2025 som-pegged stablecoin and Kazakhstan's tenge-backed pilot signal a Central Asian stablecoin race, potentially forming a cross-border corridor.
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Critics warn of risks - cyber vulnerabilities, reserve transparency - but Mirziyoyev's track record (GDP growth from 5.3% in 2017 to 6.4% in H1 2025) suggests pragmatism. With VEON's Beeline Uzbekistan piloting e-wallets like Beepul and partnerships with Mastercard for anti-fraud tools, the sandbox could birth a unicorn or two. By 2030, if targets hold, Uzbekistan won't just test stablecoins - it'll redefine payments for 44 million citizens and beyond. In a world of fiat fragility, Tashkent is betting on digital durability.
Author: Slava Vasipenok
Founder and CEO of QUASA (quasa.io) — the world's first remote work platform with payments in cryptocurrency.
Innovative entrepreneur with over 20 years of experience in IT, fintech, and blockchain. Specializes in decentralized solutions for freelancing, helping to overcome the barriers of traditional finance, especially in developing regions.
This is not financial or investment advice. Always do your own research (DYOR).
