The Central Bank of Uzbekistan has expanded the scope of financial experiments by providing the opportunity to participate in testing new financial services under a special experimental legal regime.
Now, non-residents and companies whose activities are under the supervision of other state bodies can join such projects. These changes were officially formalized by an administrative regulation registered by the Ministry of Justice on October 19.
Structure and Conditions of the Experimental Regime
This document details the procedures for introducing and terminating the special legal regime in the field of financial services, as well as establishing all conditions for operating within this regime. The updated concept of the 'regulatory sandbox' includes three independent pilot areas: 'Innovation,' 'Acceleration,' and 'Technological Cooperation,' the details of which will be announced later.
Furthermore, companies planning to implement a new financial product within the experiment now have the opportunity to receive preliminary consultation from the regulator. The regulation also defines the rules for maintaining a register of all participants.
An important requirement is the necessity to indicate in any advertising or informational materials about financial services provided under the 'regulatory sandbox' that these services are in an experimental mode.
Previously, there was information about the development of a new legislative act regarding the capital market in Uzbekistan. This law aims to expand business potential for attracting investments and introduce new types of financial instruments, including Islamic sukuk securities, whose yield is calculated according to the principles of Islamic finance, rather than through standard interest payments.