Crypto-assets to be allowed for payments in Uzbekistan

Crypto-assets will be permitted as a means of payment in Uzbekistan under a new special legal framework. The provision is outlined in a departmental regulation on the introduction of a special regime for regulating the circulation of stable tokens, registered by the Ministry of Justice of Uzbekistan on April 15.

A stable token (stablecoin) is defined as a type of crypto-asset whose value is pegged to the nominal value of a national or foreign currency. Under the special regime, legal entities that are residents of Uzbekistan will be allowed to issue such tokens.

Within this framework, several pilot projects may be implemented, including:
– issuance of stable tokens backed by national and/or foreign currencies;
– use of stable tokens as a means of payment within Uzbekistan;
– use of stable tokens for international transfers;
– development of payment systems based on blockchain technology.

To issue stable tokens, backing must consist exclusively of funds in national and/or foreign currency held in a dedicated reserve account at the Central Bank. The use of borrowed, pledged, or otherwise attracted funds to provide backing for stable tokens is not permitted.

The review of applications and supporting documents submitted by applicants, as well as the registration of participants in the special regime, will be carried out free of charge.