The Central Bank of Uzbekistan has expanded the circle of participants in financial experiments

The Central Bank of Uzbekistan has expanded the range of participants in financial experiments

The Central Bank of Uzbekistan has expanded the opportunities for testing new financial services within an experimental legal regime. Non-residents and companies whose activities are regulated by other state bodies will now be able to join such projects.

The changes are enshrined in administrative regulations registered by the Ministry of Justice on October 19. The document defines the procedure for introducing and terminating a special legal regime in the field of financial services, as well as the conditions for operating within its framework.

The updated "regulatory sandbox" model provides for three separate pilot projects: "Innovations," "Acceleration," and "Technological Cooperation." Further details on their operation will be announced separately.

In addition, companies wishing to launch a new financial product within the experimental regime will be able to consult with the regulator in advance.

The regulations also establish the procedure for maintaining the register of participants. Advertising and information materials regarding financial services provided within the "regulatory sandbox" must specify that they are offered in an experimental mode.

It is also reported that Uzbekistan is preparing a new law on the capital market, which provides for expanding business opportunities to raise investment and introducing new financial instruments. Among them are Islamic sukuk bonds, the yield on which is generated according to the rules of Islamic finance, rather than through traditional interest payments.