Uzbekistan's 2026 Crypto Overhaul: Stablecoins, Mining Valley, License Revocation

Uzbekistan reshaped its crypto regulatory framework in 2026, consolidating oversight under the National Agency for Perspective Projects (NAPP) and introducing a wave of reforms that touch stablecoins, tokenized securities, mining, and enforcement.

The most consequential change came on Jan. 1, when NAPP and the Central Bank of Uzbekistan (CBU) officially recognized stablecoins as legal payment instruments through a joint regulatory sandbox. The same presidential fintech decree introduced a framework allowing resident companies to issue tokenized shares and bonds, part of a broader push to expand the country's fintech industry to around 200 companies. The CBU established a $50 million venture fund to support that goal.

April and May brought two defining events. On April 17, President Shavkat Mirziyoyev signed Resolution No. PQ-143, creating the Besqala Mining Valley across Karakalpakstan, a region covering roughly 40% of Uzbekistan's territory. Only locally registered companies can become residents of the mining zone. On May 25, NAPP issued Order No. 45, revoking the license of UzNEX (KOBEA GROUP LLC) at the company's own request. UzNEX had held Uzbekistan's first crypto exchange license since December 2019. Customers were directed to refund channels, while other licensed exchanges continued operating through NAPP's VASP registry.

Uzbekistan's licensing system remains fragmented by design. The country does not offer a single crypto license; exchanges, crypto stores, depositories, and mining pools each require separate licenses. NAPP's public registry now lists all approved providers across those categories. The regulatory sandbox has also expanded to include commercial banks testing crypto-related banking services and technology firms piloting blockchain-based digital certificates.