The President returned the law on payment organizations. MPs decided to terminate its consideration

The President sent the law on payment organizations back for reconsideration, after which the deputies decided to stop its further discussion

President of Uzbekistan Shavkat Mirziyoyev sent the law on improving the activities of payment system operators and payment organizations, which had previously been passed by the parliament, back for reconsideration.

The Legislative Chamber approved the document on June 10, 2025, and the Senate on April 8, 2026.

Atkham Nazirkulov, a member of the Committee on Innovative Development and Information Technologies, reported that the relevant committee had reviewed the proposals of the head of state and concluded that further consideration of the document should be stopped.

"The Committee on Innovative Development and Information Technologies studied the proposals expressed regarding the law in detail. Based on the results of the study, the committee concluded that these proposals are well-founded, and therefore further consideration of this law in the Legislative Chamber is inadvisable," Nazarkulov stated.

After his speech, the presiding officer clarified that the committee was proposing to withdraw the document from consideration and put the corresponding draft resolution to a vote.

The deputies supported this proposal. No discussions or questions to the speaker followed.

At the same time, it was not disclosed at the meeting which specific provisions of the law drew objections from the president and why it was decided to abandon further consideration instead of introducing amendments.

It was also not specified whether there are plans to draft a new bill that will regulate the activities of payment organizations and payment system operators.

Earlier, the Senate approved the law aimed at improving the regulation of the activities of payment system operators and payment organizations, enhancing payment security, and protecting users from financial fraud.

As follows from the report prepared for the Senate, the document provided for embedding the concepts of "anti-fraud system" and "virtual payment terminal" in the legislation, as well as requirements for ensuring information security, risk management, and combating fraud.

One of the key innovations was establishing requirements for the legal form and minimum authorized capital of payment market participants.

In particular, it was proposed that payment organizations be created exclusively in the form of joint-stock companies. The minimum authorized capital for them was to be 20 billion sums, and for payment system operators — 50 billion sums.

At the same time, the capital had to be fully formed and placed in a bank account before submitting an application for a license. Using credit, pledged, or other encumbered funds, as well as funds suspected of criminal origin, to form it was prohibited.

The law also provided for restrictions on the participation of certain categories of foreign investors in the capital of payment organizations and payment system operators. The aggregate share of non-residents not belonging to international financial institutions, foreign banks, and specialized payment and credit organizations, as well as individuals subject to the relevant restriction, was not to exceed 50%.

In addition, it was proposed to exclude from the powers of the Central Bank the establishment of minimum amounts of authorized capital for payment organizations and payment system operators, since these requirements were set directly in the law.

The explanatory materials noted that the changes were intended to reduce the risks of financial fraud, untimely fulfillment of obligations, and violation of the rights of payment service users.

Which specific provisions among these became the subject of the president's conceptual objections remains unknown.