Uzbekistan Approves Legal Framework for Stable Tokens

Tashkent, Uzbekistan (UzDaily.com) — Uzbekistan has approved regulations governing the use of a special legal regime for the circulation of stable tokens. The document was adopted jointly by the National Agency for Prospective Projects and the Central Bank and defines procedures for registering participants, monitoring their activities, maintaining a registry, as well as revoking participant status under this regime.

The main objective of introducing the special regime is to create conditions for the development of payment systems based on distributed ledger technology, as well as for the issuance and use of stable tokens in payment transactions. It also aims to attract investment, strengthen competition in the financial market, stimulate the introduction of innovative payment solutions, protect the rights of users and investors, and improve legislation based on the results of pilot projects.

Within the experimental regime, projects are allowed involving the issuance of stable tokens backed by national or foreign currencies, their use as a means of payment within the country, their application in international settlements, as well as the creation of payment systems based on distributed technologies.

At the same time, the document explicitly restricts certain types of operations. The issuance of algorithmic stable tokens, tokens with anonymity features, and digital assets backed by cryptocurrencies is prohibited.

According to the established requirements, the issuance of stable tokens is permitted only if they are fully backed by funds in national or foreign currency. These funds are subject to mandatory reservation in a separate account at the Central Bank, which is intended to ensure additional financial stability of the system.

The regulation also introduces strict requirements in the field of information and cybersecurity. Participants in the pilot regime are required to implement data protection systems, appoint responsible specialists, adopt internal regulations, and ensure the stable operation of the infrastructure of digital asset issuers.

Registration of participants is carried out by the National Agency for Prospective Projects. At the same time, key parameters, including financial stability, cybersecurity requirements, and token issuance volumes, are subject to mandatory approval by the Central Bank of Uzbekistan.

The duration of pilot projects is set at 12 months with the possibility of extension; however, the total period must not exceed three years. All participants are included in a unified open registry published on the official resource of the authorized body.

Thus, the new document establishes a legal foundation for testing the use of stable tokens in a controlled environment and for developing innovative payment instruments while reducing potential risks to the country’s financial system.