Uzbekistan has updated its regulatory framework for testing financial innovations, making it mandatory to disclose the experimental status of services provided within the 'Regulatory Sandbox' in all promotional and informational materials. The measure is designed to enhance market transparency and protect consumer interests from unverified financial products.

The Ministry of Justice has officially registered the Central Bank's departmental document, which outlines the procedures for introducing, terminating, and operating within the special legal regime. Under the updated regulations, three distinct testing corridors have been established: 'innovation', 'acceleration', and 'technological cooperation'.

Furthermore, the authorities have broadened the pool of eligible participants. Non-resident legal entities are now granted the opportunity to participate as joint applicants. Access to the sandbox has also been extended to legal entities whose regular operations fall under the regulatory oversight of government bodies other than the Central Bank.

A pre-application consultation mechanism has been introduced for legal entities seeking to launch innovative financial services. Additionally, standardized procedures for maintaining an official register of 'Regulatory Sandbox' participants have been put into effect to monitor the ongoing trials.

Strict provisions regarding consumer awareness have been enforced. Any advertising or informational materials promoting financial services under this experimental regime must explicitly state that the service is being offered on a trial basis.

Source: kun.uz