The capital of Uzbekistan, Tashkent, has announced plans to create an international financial center. This center will include an international commercial court that will handle disputes at first and appellate instance levels, aiming to boost confidence among foreign investors in the local economy.

A special legal regime will be implemented within the center's territory, solidified by constitutional law. Governing bodies will have the authority to adopt regulatory acts covering civil, corporate, commercial, financial, banking, tax, and labor law, as well as public procurement and personal data protection.

The center will permit a wide range of activities: banking and investment operations, insurance, securities and digital asset trading, fintech service development, and the provision of auditing, consulting, and legal services. Special focus will be given to Islamic and "green" finance.

A distinctive feature of the center's operations will be the application of common law from England and Wales and principles of equity, insofar as they do not conflict with national legislation. This move is expected to help align Uzbekistan's financial framework with global standards.

Source: podrobno.uz