November 6, 07:50UzDaily

Uzbekistan prepares new capital market law to attract investment and expand financial instruments

Uzbekistan is developing a new Capital Market Law aimed at expanding the range of available financial instruments, bringing market infrastructure in line with international standards, and attracting 10 trillion UZS in investments to the stock market by 2030.

According to information provided by KAP Depo in November 2026, the draft law passed its first reading in the Legislative Chamber of the Oliy Majlis as of October 14, 2026, and is preparing for the second reading. This document includes 16 chapters and 123 articles and provides for a significant overhaul of the current Securities Market Law of 2015.

The main provisions of the draft were presented by the National Agency for Advanced Projects (NAPP) at a press conference on August 12, 2026. In addition to stocks and bonds, the proposed legislation will regulate derivative financial instruments, asset-backed securities, securitized bonds, sustainable development bonds, and sukuk.

The project regulates derivatives such as options, futures, forwards, swaps, and difference contracts. Asset-backed securities are guaranteed by a dedicated pool of assets, such as mortgage loans, while sustainable development bonds are intended to finance environmental and social projects.

Special attention is paid to sukuk, securities structured according to Islamic finance principles. The law provides for the regulation of large sukuk structures based on partnership, leasing, trading, and agency relationships.

To enhance investor protection, the legislation proposes introducing a representative for sukuk holders and a mechanism to verify compliance with Islamic finance standards. The reforms will also affect capital market infrastructure. The project introduces the concept of a central counterparty, which acts as a buyer for every seller and a seller for every buyer in a transaction, aiming to reduce the risk of counterparty default.

Furthermore, the project proposes licensing custodial operations, expanding the powers of the Central Securities Depository, and creating representatives for bondholders and self-regulatory organizations. The legislation provides mechanisms for authorizing rating agencies, management companies, and investment funds, as well as a system for categorizing investors, including defining qualified investors.

A number of tax incentives are proposed to attract long-term institutional and private investors. These include exemption from income received by certain investment funds and special deals with asset-backed and securitized bonds. Tax advantages are also provided until 2038 for a portion of income from corporate bonds and sukuk, although the specific conditions for applying these incentives will depend on the final provisions of the law.

The project also allows international financial institutions to issue bonds in Uzbekistan and establishes conditions for domestic companies to access foreign capital markets.

The European Bank for Reconstruction and Development, the International Finance Corporation, the Asian Development Bank, the Islamic Development Bank, the United Nations Development Programme, the International Organization of Securities Commissions (IOSCO), the U.S. Department of Commerce, and the U.S. Securities and Exchange Commission (SEC) participated in the preparation of the legislation.

According to NAPP representatives, this regulatory transformation aims to create conditions for implementing new financial instruments, attracting long-term investors, and increasing market transparency for foreign participants.

These reforms come against the backdrop of the growth of the Uzbek capital market. Stock issuance increased from 189.7 trillion UZS in 2023 to 265.1 trillion UZS in 2025, reaching 269.4 trillion UZS as of July 1, 2026. Corporate bond issuance has also expanded, rising from 1.06 trillion UZS in 2023 to 3.93 trillion UZS in 2025 and exceeding 7 trillion UZS as of July 1, 2026. Trading volume on the stock exchange has almost sixfold increased between 2023 and 2025, rising from 2.9 trillion UZS to 17.6 trillion UZS.

The final conditions governing the issuance and circulation of new financial instruments, the application of tax incentives, and the entry into force of individual provisions will be determined after the completion of the legislative process.

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podrobno.uzNovember 3, 10:45

Uzbekistan introduces new tools for financing youth startups and businesses

Updated financial support mechanisms are being introduced in Uzbekistan for youth startups and various business projects. These changes provide additional access to loans, grants, and the possibility of compensating for part of the costs.

Furthermore, the reform will affect the field of specialist training in information technology. The relevant amendments were officially approved by a Cabinet of Ministers resolution.

Expansion of Support Mechanisms for Youth Entrepreneurship

This document expands the functionality of the State Target Fund for Youth Entrepreneurship Development, which operates under the Agency for Youth Affairs, as well as the venture fund Yoshlar Ventures. These structures will gain the ability to apply new tools to assist and promote young businesses.

Significant attention is paid to financing education in computer programming and information technology. Support will be provided not only at the stage of training qualified personnel but also during the implementation of their startups and business initiatives.

New Conditions for Financing Initiatives

The resolution also approved a new regulation that clearly defines the procedure for financing entrepreneurial ventures using funds from the youth fund. Specifically, it details the conditions for obtaining loans through commercial banks, arranging grants, and reimbursing part of the expenses related to the implementation of these initiatives. Special support programs, such as "Combinator," are also planned.

It should be noted that Uzbekistan has a plan to annually train one million young citizens in areas such as robotics, computer game development, and startup creation and launch. To achieve this goal, educational programs for schoolchildren will be modernized, new courses launched, and curricula updated in higher education institutions.

podrobno.uzOctober 26, 08:38

New rules regarding utilities tariffs, business, and travel come into force in Uzbekistan on November 1st

Starting November 1st, a new set of changes comes into effect in Uzbekistan, affecting numerous aspects of life, including utilities, entrepreneurship, urban planning, transport, and international travel. Podrobno.uz presents an overview of the key innovations that will begin to operate during this period.

Changes to Heating Tariffs

In Tashkent, tariffs for hot water and heating are expected to increase starting November 1st. According to the presented draft, the cost of these services will rise by approximately 30%. It is planned that heating will cost 314 soms per square meter per day, including VAT, while the current tariff is 241.4 soms.

For consumers with meters, the price of hot water will be 11,607 soms per cubic meter, up from the previous 8,928.7 soms. For those without meters, the monthly payment will rise to 45,330 soms per person compared to 34,868.9 soms. In dormitories, the hot water tariff is planned to be set at 33,720 soms per month per person. Furthermore, the thermal energy tariff is planned to be raised to 206,636 soms per gigacalorie, which is almost 48% higher.

The public has the opportunity to discuss this draft until October 28th.

New Norms for Gas and Electricity

From November 1st, enterprises using automated systems for accounting for natural gas and electricity will receive a 15% reduction in their monthly prepayment amount. This measure applies to consumers whose meters allow for remote disconnection and subsequent reconnection. However, the benefit does not apply to businesses demonstrating low payment discipline over the last two months.

For companies equipped with automated metering systems, the requirement to send written reports on resource consumption to regional suppliers is abolished. Additionally, gas and electricity supply contracts will be converted to electronic format. The changes will also affect liquefied gas supplies: from this date, its purchase and delivery will be carried out through a specialized exchange platform.

According to 'Khududgaztaminot', over 398 thousand tons of liquefied gas were supplied to the population from January to September 2026. For the autumn-winter season of 2026/2027, a supply volume of another 325.7 thousand tons is planned.

Digitalization of Urban Planning Documentation

The procedure for working with urban planning documentation in Uzbekistan will change from November 1st. The National Committee for Sustainable Urbanization and Housing Market will begin maintaining a unified electronic register of master plans. Projects can only be implemented after the official registration of the relevant documents.

After the general plan is approved, a territory development program for a period of three to five years must be developed within three months, specifying funding sources and implementation timelines. Local kengashs will monitor the execution of these programs, and information on their progress must be published in the media. For cities lacking general plans or where existing documents were approved more than ten years ago, new plans will be created using state budget funds.

Limitation on Advertising Calls

New rules regulating mobile advertising are being introduced in Uzbekistan starting November 1st. Both companies and private individuals are required to obtain the consent of recipients before sending advertising SMS messages. Service operators must register their information systems in the state register of personal data bases.

Furthermore, from this day, making advertising calls and sending messages between 6:00 PM and 9:00 AM is prohibited. Subscribers have the option to request partial or full blocking of advertising calls and SMS from mobile operators. A 20% discount on domestic train tickets is also provided for pensioners from November 1st to 30th. This benefit is available to women over 55 and men over 60 and applies to the fare part of the ticket, excluding 'Afrosiyob' high-speed trains. Tickets can be purchased at ticket offices or online. This promotion takes place twice a year: in October (as part of Elderly People's Week) and in November (declared as the month of tourism for seniors).

Benefits for Logistics

Starting November 1st, Uzbekistan introduces a 20% reduction in customs duties when processing international parcels delivered by courier services. Benefits are also provided for the import of equipment and components intended for logistics centers and vehicle manufacturers.

Logistics centers registered before August 1, 2029, can import certain types of spare parts and equipment not produced in Uzbekistan without paying duties and mandatory certification, provided established requirements are met. For vehicle manufacturers of categories M-2, M-3, and N, similar benefits will be valid until the end of 2027. By the end of 2030, logistics centers must integrate into the E-logistika digital platform overseen by the Ministry of Transport.

Changes in International Travel Rules

Conditions for Uzbek citizens traveling to Egypt and Kazakhstan will change in November. Entry requirements are being tightened for certain groups of tourists in Egypt, while Kazakhstan begins implementing an electronic permit system.

To visit Egypt, Uzbek citizens must obtain a visa in advance through the country's diplomatic missions. Tourist trips must be organized exclusively through accredited tour operators. Citizens under 40 years old are allowed entry into Egypt only when accompanied by close relatives—parents, spouse, or children. The family must carry at least $5,000 in cash; independent travelers over 40 require a minimum of $3,000. When crossing the border, tourists must present proof of accommodation booking, mobile communication details, and documents confirming the presence of the required amount. Changing the type of tourist visa during the stay in the country is prohibited. Passengers who have not provided a complete set of documents will not be admitted to Egypt and will be deported at the expense of the arriving airline.

Kazakhstan will start applying an electronic entry permit in November. Initially, the system will operate at Aktau airport and at selected road checkpoints. Starting July 1, 2027, this requirement will become mandatory. Applications via the digital platform must be submitted no later than 72 hours before travel. The rule applies to citizens of countries with which Kazakhstan has concluded visa-free agreements, including states of the Eurasian Economic Union. There are exceptions: the permit will not be required for citizens of visa-free countries aged under 16 and over 65, drivers of international freight vehicles and buses, crew members of air and sea vessels, travel teams, as well as certain categories of diplomats and official delegations.