Uzbekistan is entering a new era of digital finance. On 27 November 2025, the President approved a landmark decree aimed at accelerating the development of financial technologies and transforming the country into a regional fintech hub. The reforms introduce an ambitious roadmap through 2030 and establish the foundation for innovative payment systems, digital assets, and open banking infrastructure.
As a law firm deeply involved in fintech and digital-asset regulation, we outline below the key developments—and how businesses may benefit from these regulatory innovations.

A Strategic Push Toward a Modern Fintech Ecosystem
The Presidential Decree sets ambitious targets for 2026–2030, including:

• Attracting USD 1 billion in foreign investment into fintech startups;
• Expanding the local fintech market to at least 200 active companies.

To support these goals, the Central Bank will establish:

• A USD 50 million venture fund, operating as an LLC, to finance innovative startups;
• A dedicated fintech innovation hub serving as a national accelerator.

From 1 January 2026, participants of this innovation hub will be eligible for 50% reimbursement (up to USD 20,000) for training and certification in financial technologies—an unprecedented incentive for talent development.
In addition, the Central Bank will host annual international fintech forums, positioning Uzbekistan on the global map of financial innovation.

A New Legal Regime for Stablecoin-Based Payments
One of the most consequential elements of the reform package is the introduction of a special regulatory regime for payments using stable tokens (stablecoins) starting 1 January 2026.
This “regulatory sandbox” will:

• Enable pilot projects for payment systems built on distributed ledger technology (DLT);
• Allow controlled experimentation with blockchain-based financial services;
• Define clear rules of operation jointly by the Central Bank and the National Agency for Perspective Projects.

This initiative marks the first structured attempt to integrate stablecoins into Uzbekistan’s regulatory framework—creating new opportunities for fintech firms, payment providers, and blockchain developers.
Legalization of Tokenized Securities
From 2026, Uzbek-resident legal entities will be permitted to issue tokenized shares and bonds, representing a modern alternative to traditional securities.
To support circulation of such instruments:

• Licensed stock exchanges will be required to create separate trading platforms for tokenized securities.
• The National Agency for Perspective Projects will develop regulations governing their issuance and market operation.

This measure opens the door for companies seeking faster, more flexible capital-raising tools, and for investors looking to diversify into digital asset markets with regulatory clarity.
Open Banking to Be Fully Implemented by September 2026
By 1 September 2026, Uzbekistan will introduce an open banking system enabling secure data sharing between banks, payment institutions, and fintech service providers.
Open banking will:

• Increase competition in retail and online financial services;
• Encourage development of new products such as personal finance apps, API-based payment solutions, and alternative lending platforms;
• Strengthen consumer rights through standardized security protocols.

This step aligns Uzbekistan with global best practices and elevates the market’s overall digital maturity.

Updates to Crypto-Asset Regulations
The reforms also introduce important changes to the regulatory framework for crypto assets, including:

• Stricter rules on advertising: promises of guaranteed profit or portraying crypto transactions as an “easy way to get rich” are explicitly prohibited.
• Confirmation that crypto assets cannot be used as legal tender or payment instruments—except in cases explicitly provided by law.
• New obligations for crypto shops operating online to safeguard client funds for a period defined by the regulator, starting from the moment a blockchain transaction is validated.

These measures strengthen consumer protection while enabling controlled expansion of the crypto-asset sector.
What This Means for Businesses
The 2026 reforms present significant opportunities for:

• Fintech startups entering a more supportive and investor-friendly environment;
• Payment service providers developing DLT-based solutions in a legally defined sandbox;
• Banks and financial institutions preparing for the open banking transition;
• Corporations considering issuance of tokenized securities;
• Investors and venture funds seeking regulated exposure to Uzbekistan’s growing fintech and digital-asset market.

At the same time, the complexity of the regulatory framework increases—highlighting the need for specialized legal guidance.

How Our Firm Can Help
Our team has extensive experience advising clients across fintech, blockchain, crypto-assets, securities regulation, and digital payments and provides comprehensive legal support across all key areas of financial innovation. We work with clients navigating new technologies, emerging business models, and evolving regulatory expectations. As Uzbekistan’s financial sector continues to modernize, businesses will encounter both new opportunities and new legal considerations. With a knowledgeable legal partner, companies can confidently innovate while ensuring their operations remain robust, compliant, and strategically positioned for growth.