Uzbekistan has permitted stablecoin issuers to use government securities as collateral for digital assets.
Amendments to the rules governing the special legal regime for testing crypto technologies have been officially registered by the Ministry of Justice. Previously, participants in the experimental regulatory regime were only allowed to issue stablecoins provided they were backed by collateral in national or foreign currency.
Under the updated rules, issuers can now use their own government securities as collateral. The monetary collateral must be placed in a special account at the Central Bank, and the government securities must be blocked by the Central Depository in favor of the regulator according to established deposit procedures.
The issuer retains the right to receive income and interest generated by these securities. The document also sets requirements for the volume of collateral. The total value of funds held in the special account at the Central Bank and the nominal value of the blocked government securities must not be less than the total nominal value of all circulating stablecoins.
Furthermore, the new rules prohibit the use of borrowed funds, pledged assets, or any other borrowed resources as collateral.
The Cabinet of Ministers of Uzbekistan adopted Resolution No. 388, which approves the procedures for operating customs warehouses and the rules for selling goods through them, thereby laying the foundation for a new e-commerce infrastructure.
According to the adopted document, a customs warehouse is defined as a specially equipped premises for storing imported goods under customs control until they are sold to private individuals through specialized electronic trading platforms. The Resolution regulates both the creation and operation of such warehouses, as well as the rules for retail sale of goods through corresponding electronic platforms.
To be included in the register of customs warehouses, an operator must possess a license for a free warehouse, conclude an agreement with a designated electronic trading platform, use an electronic accounting system integrated with customs authorities, and have warehouse premises covering an area of at least 15,000 square meters.
The Resolution also establishes criteria for inclusion in the register of specialized electronic trading platforms. Operators must be registered as legal entities in Uzbekistan, comply with personal data protection legislation, utilize online or virtual cash registers, and maintain infrastructure capable of storing, shipping, and delivering goods across the country.
The Customs Committee has been appointed responsible for maintaining the register of customs warehouses, while the National Agency for Advanced Projects will oversee the register of electronic trading platforms. The establishment of the customs warehouse system is part of the state policy to modernize e-commerce. In April 2026, President Shavkat Mirziyoyev reviewed proposals for expanding this sector, including developing a network of modern warehouses involving major international marketplaces and integrating digital platforms and customs warehouses with tax and customs information systems.
