TASHKENT, Uzbekistan, August 25. Uzbekistan is
exploring new approaches to regulating stablecoins and tokenized
securities, taking into account the specific features of digital
financial instruments and international experience.
Vyacheslav Pak, First Deputy Director of the National Agency of
Perspective Projects, made the remarks while speaking at the Silk
Road Finance & Technology Forum, Trend’s special correspondent reports from
Tashkent.
According to Pak, the development of digital financial
instruments requires existing regulatory approaches to be adapted,
as such instruments enable significantly faster movement of value.
“We cannot use traditional tools for regulating financial
instruments and apply them to stablecoins because they operate on a
completely different basis,” Pak said.
He noted that unlike traditional payments, which can take
several days or even a week, transactions involving digital assets
can be completed within seconds or minutes.
According to Pak, the development of an appropriate regulatory
framework should take into account anti-money laundering (AML),
monetary policy, the integration of stablecoins into the
traditional banking system and their reflection in monetary
statistics. “We need to understand how we are going to manage those
risks from the point of view of AML and monetary policy, for
example, how we are going to integrate stablecoins into the
traditional banking system and how we will reflect them in monetary
statistics,” he said.
Speaking about the tokenization of securities, Pak noted that
international experience in this area is still developing, creating
an opportunity to establish different regulatory approaches. “When
we started to study foreign experience, we found that there are no
approved practical models here. I think that currently there is no
country in the world that has a fully regulated tokenization of
securities market,” he said.
According to Pak, one possible approach could involve creating a
digital twin of a traditional stock or bond. At the same time, the
issuance of tokenized securities requires clear rules governing
their accounting, payments and the exercise of holders’ rights.
Pak particularly highlighted issues related to tokenized shares,
including ensuring shareholders’ rights to participate in voting
and corporate governance. “There are many big challenges, and I
think platforms like this are trying to find new solutions and
understand how to create new regulation quickly,” Pak
concluded.
