The Ministry of Justice has officially registered a new departmental regulation establishing a "Special Legal Framework for Regulating the Circulation of Stablecoins."
The framework allows for the implementation of the following pilot projects:
- Issuing stablecoins backed by national and/or foreign currencies;
- Utilizing stablecoins as a medium of exchange (payment method) within Uzbekistan;
- Using stablecoins to facilitate international transfers;
- Developing payment systems operating on blockchain technology.
To issue stablecoins, issuers must provide full collateral in the form of national or foreign currency, held in reserve in a dedicated account at the Central Bank. The use of loans, leveraged funds, pledged assets, or other borrowed capital to form this collateral is strictly prohibited.
The review of applications and documents, as well as the registration of participants into this special legal framework, will be provided free of charge.
