The Central Bank has prepared a draft updated regulation on a special legal regime in the field of financial services. The new version will replace the document adopted in October 2022.
Three directions instead of a general regime
The main innovation is dividing participants into tracks depending on the characteristics of tested services.
Innovation track — for services based on new, non-traditional, or previously unused approaches. Projects should eliminate inefficiency or meet client demands, bring tangible benefits, and expand financial accessibility.
Acceleration track — for services new to the local market but already tested in other countries. The applicant must demonstrate scalability potential if testing is successful.
Technology partnership — will allow banks and other organizations to test technical solutions for service improvement.
Different testing periods
For the acceleration direction, the testing period is reduced to 12 months with the possibility of extension for another six months. For other tracks, the standard period of three years is maintained.
The logic is clear: a product already operating abroad does not require lengthy concept verification — local adaptation is sufficient.
Cybersecurity becomes an entry condition
Significant tightening: when submitting an application, a participant must provide information on cybersecurity measures, personal data protection, and bank secrecy.
Lack of technical capability to ensure confidentiality may become grounds for refusal to grant a special regime.
Moreover, cybersecurity incidents resulting in data breach or loss will become a reason for revoking status of an existing participant.
Exclusion for inactivity
The regulator will be able to exclude participants showing no activity within six months after project launch.
This rule addresses a practical problem: companies received status but did not begin actual testing, occupying a spot in the program.
What is being simplified
All applications will be accepted through a special electronic platform — which is also used for monitoring trials and data exchange between the regulator and participants.
Before submission, companies can receive preliminary consultation. The regulator will organize it within five business days after the request.
The consultation discusses the service model, whether it falls within testing scope, potential legal and technological risks, as well as threshold limits for trials.
The application review period remains the same — 40 business days, but notification of the decision will arrive within one business day instead of three.
Why this matters
The regulatory sandbox has become the main mechanism for launching new financial products in the country. Through it operate the HUMO stablecoin pilot, first currency bonds, mortgage securities, and several other instruments.
Effectively, the speed at which new services appear on the market — including those that later become available to clients of Uzbek banks — depends on the quality of this regime.
Comments on the draft are accepted until September 26.