Uzbekistan, the Central Asian country, is rapidly emerging as a developing crypto market. The country is preparing to make stablecoins legal tender under its 2026 regulatory framework.
The shift comes as more Uzbek banks signal growing interest in crypto trading and blockchain-based services. It becomes even more evident as Wallet in Telegram, the crypto wallet product embedded inside the Telegram messaging app, announced its move to enter the market.
It has officially launched its custodial crypto service in Uzbekistan after securing a license from the country’s National Agency for Perspective Projects (NAPP).
The move marks the platform’s latest international expansion, following the rollout of its self-custodial TON Wallet in the United States earlier this year.
Wallet in Telegram Enters Uzbekistan Market
In a Linkedin post greeting users with “Salom, Oʻzbekiston! 🇺🇿,” Irina Chuchkina, the company’s Chief Growth Officer said called the approval an “amazing milestone”. She confirmed that the wallet is now available to Uzbek Telegram users.
Wallet in Telegram will hold assets on behalf of users under the terms of its NAPP license. Uzbekistan’s NAPP license allows the company to legally operate as a custodial service provider in Uzbekistan
Interestingly, the newly launched product in Uzbekistan is the custodial Crypto Wallet, not the self-custodial TON Wallet. Under this model, Wallet-in-Telegram holds private keys on behalf of users. It offers an exchange-like crypto experience inside Telegram without requiring seed phrase management.
With regulatory approval in place, users can now buy, send, receive, trade, and store a range of digital assets. This includes Toncoin (TON), Bitcoin (BTC), Tether (USDT) and more than 200 other cryptocurrencies – all directly from the Telegram app.
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Why Uzbekistan?
The company highlighted Uzbekistan’s strong affinity for Telegram as a key reason for the market choice.
“With 27 million people here, Telegram is the first app they open in the morning and the last one they check before bed,” CGO Chuchkina said. She argued that high daily engagement makes Uzbekistan an ideal market for simplifying access to digital finance.
Interestingly, local on- and off-ramps have been built into the product through a partnership with Asterium, a locally licensed payments provider. Users in Uzbekistan can top up and cash out via Humo, Visa and Mastercard cards through Asterium’s infrastructure.
The launch follows the company’s recent introduction of tokenized stock trading within the wallet, further expanding its offerings.
Thus, the entry is going to provide the country’s users a viable option to trade in crypto.
Also Read: Wallet in Telegram Joins $1T Tokenized Equities Race
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