How can Uzbekistanis gain the right to invest in Telegram

Diyorbek Mukhammedov — Regional Director at Wallet in Telegram, based in Tashkent; IT and FinTech expert, LinkedIn

About Me

I have been working in the FinTech sector since 2019. I started my career in South Korea, where I lived and studied for nearly six years. There, I began my professional journey as a marketing manager at a FinTech company specializing in international money transfers.

Later, I transitioned to the role of Regional Manager for the CIS countries. Upon returning to Uzbekistan, I continued my career, leveraging the experience and knowledge I had gained.

Currently, I serve as the Regional Director at Wallet in Telegram, a cryptocurrency wallet directly integrated into the Telegram ecosystem. This platform operates officially in Uzbekistan under its own license.

Joining the Company

Since 2019, I have been active in the FinTech sector, primarily focusing on Web2—traditional financial technologies. At the same time, my interest in the crypto industry has always been strong. From the beginning, I believed that the most crucial factor for the development of this sector is its widespread adoption.

Before getting to know Wallet in Telegram, I had not encountered a project that could truly make cryptocurrency a convenient and popular product for the general public. I believe in blockchain technology and its potential, but I also believe it can only fully realize its capabilities when it is convenient and understandable for ordinary users.

When I received a job offer from Wallet in Telegram, I immediately appreciated the idea. Because if there is a platform that can turn cryptocurrency into a mass-market product, it is Telegram. Especially in Uzbekistan, Telegram has become an integral part of daily life: people communicate, follow news, conduct business, and even interact with government services through it. It has already become a fully-fledged ecosystem.

The decision to join the company was a mutual interest. They approached me with a job offer, and I also seriously considered this opportunity. After several rounds of interviews, we became confident that we were a good fit for each other.

Before joining Wallet in Telegram, I did not have official work experience in the crypto industry. Therefore, by strict criteria, I was not an ideal candidate. However, in my view, my experience in the Web2 sector turned out to be the decisive factor.

The main mission of Wallet in Telegram is to make cryptocurrency as popular and accessible as possible, meaning that every user should have the opportunity to easily use crypto assets within the Telegram app itself. To achieve this, the product must be simple and intuitive. Unlike many crypto exchanges with complex interfaces, Wallet in Telegram focuses on a user-friendly interface and maximizing convenience for buying and selling crypto assets.

How is the FinTech market in Uzbekistan evaluated?

The FinTech market in Uzbekistan is developing at a rapid pace. In some areas, we are even ahead of other countries in the region. Of course, there is still work to be done in some sectors, but the overall development rate is very positive. When I returned to Uzbekistan, I was amazed by how developed the local FinTech ecosystem had become.

I lived in South Korea for six years, visited various countries, and observed FinTech development there. Based on this experience, I can say that the growth rates in Uzbekistan are noteworthy.

First, we have a well-developed Open Banking system. This allows users to link their bank cards to any application without limiting them to a single bank ecosystem. Although HUMO and UZCARD cards account for nearly 90% of the market, they can be used freely in various bank and FinTech applications. As a result, users can open a card at one bank and have the freedom to choose the most convenient service or application for themselves.

Secondly, the support of regulators and a transparent business environment play a crucial role in the sector's development. International companies clearly understand the rules under which they must operate before entering the market and make decisions on investment and business operations based on these rules. These factors strengthen trust in the FinTech sector in Uzbekistan and create favorable conditions for its consistent development.

Interestingly, Uzbekistan was the first market in the world where Wallet in Telegram launched its first official international operations.

Yes, the product was already available in many countries. However, it was specifically in Uzbekistan that the company obtained a license and successfully entered the market officially. This is not only the first officially launched project for Wallet in Telegram but also for the Telegram ecosystem as a whole. In the future, expansion from Uzbekistan to other Central Asian countries is expected.

So, why Uzbekistan? The first reason is the transparency of the regulatory environment. International companies know exactly what to expect regarding licensing requirements, compliance, KYC processes, and customer interaction rules. This creates a reliable and predictable environment for business.

The second important factor is the demographic structure. Nearly 60% of Uzbekistan's population consists of young people under the age of 30. Unlike many aging countries, Uzbekistan is dominated by a young and growing generation. This means an audience that quickly adopts digital technologies and is open to new solutions.

Additionally, the country's population is growing by more than 900,000 people annually. For comparison, the total population growth in some European countries is close to this figure. Therefore, the Uzbek market has huge potential from a long-term perspective.

Another important aspect for business is that it is easier to build long-term relationships with a young audience. Users acquired today will become loyal customers with stable income, platform loyalty, and established habits within a few years.

How do financial services within Telegram solve problems for users?

The most significant advantage is the maximum convenience of using services. In Uzbekistan, most people conduct daily communication, follow news, and manage work processes through Telegram. Wallet in Telegram implements the embedded finance concept.

This means that when a user enters Telegram just to send a message or read news, they can use financial services with just a few clicks. Specifically, they have the opportunity to buy crypto assets as well as tokens backed by US stocks and funds. The main goal is to make financial services more popular and remove existing barriers.

For example, we have enabled investment in the US stock market through tokens. Although each token is backed by a real stock, the user buys its digital equivalent rather than the stock itself. Previously, there was almost no opportunity in Uzbekistan to invest in such assets in a simple and convenient way.

In the past, investing in shares of major US companies or, for example, the S&P 500 index required finding a broker, visiting an office, opening an online account, and formalizing various documents. Often, such services only worked with international cards like Visa or Mastercard, while most users had local cards like HUMO. Additionally, the entry barrier was high, usually starting at least at $500 USD.

Wallet in Telegram removes these barriers. Registration takes only a few minutes, and investments can start from $1 USD. Users can buy and sell assets at any time and manage their investments without needing complex infrastructure.

Another important advantage is that services operate 24/7. Unlike traditional stock exchanges, crypto assets can be bought or sold on any day of the week and at any time of the day.

Furthermore, a favorable tax regime for crypto assets operates in Uzbekistan. Even income from tokens backed by US stocks is not taxed according to current regulations. This allows users to earn income without additional tax burdens within the legal framework.

How do you envision the future of FinTech in Uzbekistan?

I see the future of the FinTech sector primarily in embedded finance—financial services integrated into everyday platforms. This is a trend observed worldwide today, where financial services are no longer standalone applications but are becoming an integral part of products people use daily.

This can be clearly seen in examples like WeChat in China or Kaspi in Kazakhstan. They have evolved into full-fledged digital ecosystems offering much broader functions than simple financial services. Therefore, embedded finance is considered one of the main development directions for the FinTech market not only in Uzbekistan but globally.

The second important trend, especially for Uzbekistan, will be the popularization of crypto assets. My personal goal is to form a basic understanding among as many people as possible about what cryptocurrency is, how to invest in it, and how to use it. The next step is for the majority of people to hold at least one crypto asset.

Today, crypto is slowly moving out of the niche product status and becoming a full-fledged class of investment assets. This can also be seen in the process of tokenizing real assets. Currently, there is an opportunity to invest in gold or investment funds through digital assets. In the future, these opportunities will expand further, and tokens for stocks, precious metals, currencies, and other financial instruments will also become popular.

This process is particularly relevant for Uzbekistan, as the legal regulation in this direction is developing consistently in the country. For example, legal foundations are being created to allow the use of stablecoins as a payment method for goods and services. This means that in the near future, crypto assets may become not only an investment tool but also a payment method used in daily settlements.

It is precisely this approach that creates real value for users. People turn to such platforms not only to buy Bitcoin but also to invest in familiar and trusted assets and to use crypto as a daily digital wallet.

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