The Board of the Central Bank of Uzbekistan adopted resolution “On approval of the provision on the procedure of creation by the Central Bank of Uzbekistan of the special legal regime in the sphere of financial services”. No. 3391 dated October 4, 2022 (the “Regulation”). The Regulation defines the order of creation, cancellation and functioning of special legal regime (“regulatory sandbox”) for new financial operations, technologies and services.
“Regulatory sandbox” is a special experimental legal regime for the implementation of innovative projects, which are not regulated by the current legislation. A zone is created for a certain period of time in a selected region, where an exemption from general legal regulation is made.
In the “regulatory sandbox”, companies get the opportunity to test their products without a license and without the risk of breaking the law.
In order to implement “the regulatory sandbox”, a financial service must meet one of the following criteria:
Application for implementation of the "regulatory sandbox" is submitted by a legal entity, which is a resident of the Republic of Uzbekistan, establishing new financial transactions, technologies and services.
The applicant must meet the following requirements:
The application for the establishment of a “regulatory sandbox” is considered within 40 (forty) days, at the end of which a decision on its creation or refusal to do so is made.
The Central Bank and the Participant shall establish the term of the “regulatory sandbox” for a period not exceeding 3 (three) years.