The Central Bank of Uzbekistan has officially broadened the testing opportunities for innovative financial services within its experimental legal regime, commonly known as a regulatory sandbox. Under the updated regulations, non-residents and corporate entities whose primary operations fall under the jurisdiction of other state authorities are now permitted to participate in these pilot projects, signaling a broader approach to financial sector experimentation.

These modifications were formalized through an administrative regulation registered by the Ministry of Justice. The newly enacted document outlines clear procedures for the introduction, suspension, and termination of the special legal regime for financial services, alongside establishing strict compliance conditions for participants. The revamped sandbox model is structured around three distinct pilot areas: 'Innovations', 'Acceleration', and 'Technological Cooperation', with specific operational details to be disclosed subsequently.

Furthermore, the updated framework introduces a preliminary consultation mechanism, allowing businesses intending to launch novel financial products within the experimental regime to consult with the regulator beforehand. The regulation also mandates the maintenance of an official participant registry and stipulates that all promotional and informational materials concerning financial services provided within the sandbox must explicitly state their experimental nature.

These regulatory adjustments unfold amid ongoing efforts to overhaul the nation's financial architecture. Previous reports indicated that authorities are drafting a new capital market law designed to expand corporate investment-raising capabilities and introduce alternative financial instruments, such as sukuk Islamic securities, which derive returns through asset-backed structures rather than traditional interest payments.

Source: podrobno.uz