The Ministry of Justice of Uzbekistan registered a Regulation on March 16, 2026, establishing the procedure for electronic data exchange between notaries and banks to facilitate settlements for real estate and vehicle purchase agreements. This move implements Presidential Decree No. UP-246 dated December 10, 2025, “On Additional Measures to Popularize Cashless Payments and Reduce the Share of the Shadow Economy.”

Under the new rules, effective from April 1, 2026, notaries will certify contracts for the sale of real estate objects, vehicles of categories M, N, O, and G (manufactured no more than 10 years ago), and special motor vehicles solely based on electronic data provided by banks. This aims to ensure accurate recording of payments between parties and promote cashless transactions.

The settlement process is outlined as follows: the buyer or their representative applies to a bank with a written or electronic request, the bank deposits the agreed amount into an escrow account (via cash or cashless means). If the contract includes a deferred payment condition, the initial sum is placed into the escrow account. When payment is made fully or partially using credit funds, the lending bank sends an electronic notification to the notary.

Escrow accounts can include the buyer’s or their representative’s bank accounts (such as bank cards, demand deposits, or e-wallets). Subsequently, the parties approach a notary to formalize the purchase agreement, the notary electronically verifies the availability of funds in the escrow account, and certifies the contract. The funds are then transferred to the seller’s or their representative’s account or issued in cash upon request.

While this initiative is designed to expand cashless payments, enhance financial transparency, and curb the shadow economy, it may face practical challenges such as technical integration between notaries and banks, difficulties in public adaptation to the new system, and additional costs. Despite anticipated positive impacts on the economy, implementation hurdles and delays are likely to arise.

Source: kun.uz