The National Agency for Advanced Projects of the Republic of Uzbekistan has registered Poytaxt Bank Joint Stock Company as a participant in the special legal regime 'Regulatory Sandbox' in the capital markets sector.
The National Agency for Advanced Projects of the Republic of Uzbekistan has registered Poytaxt Bank Joint Stock Company as a participant in the special legal regime 'Regulatory Sandbox' in the capital markets sector.
Under this special legal regime, the bank intends to act as an issuer of bonds denominated in foreign currency. The issuance, placement, circulation, and redemption of such bonds will be carried out in accordance with the Regulation 'On the procedure for issuing, placing, circulating, and redeeming bonds denominated in foreign currency within the special legal regime 'Regulatory Sandbox' in the capital markets sector,' which was registered under number 3826 on April 29, 2026.
The Ministry of Justice of Uzbekistan has introduced amendments to the procedure for operating a special legal regime designed for testing crypto technologies under regulatory supervision. These changes concern the rules for issuing stablecoins.
Previously, participants in the experimental regime were only allowed to issue stablecoins provided they had backing in the form of national or foreign currency. Now, issuers have access to using government securities owned by the issuer itself as collateral for digital assets.
According to the updated regulations, funds must be placed in a dedicated account at the Central Bank. Simultaneously, government securities are blocked through the Central Depository on behalf of the regulator, following established depository procedures. It is important to note that the issuer retains the right to receive income and interest from these securities.
An mandatory condition has been introduced to ensure the security of holders of digital assets: the total value of funds held in the Central Bank's account, along with the nominal value of the blocked government securities, must equal or exceed the total nominal value of all stablecoins in circulation. Furthermore, forming this collateral using borrowed funds, loans, or pledged property is prohibited.
It should be recalled that an organized criminal group engaged in illegal trading of crypto assets was previously liquidated in Tashkent. According to investigative bodies, the volume of turnover of this criminal scheme reached $1.5 million.
