Regulatory Alerts2016-07-24 | 12/1Added · Updated
Approval of the Regulation on the Licensing Procedure for Currency Exchange Activities
The Central Bank of Uzbekistan approves a regulation establishing the licensing framework for currency exchange activities, defining key terms such as 'currency exchange' and 'licensee'. The document mandates that licensees must maintain at least ten bank members, operate an electronic trading system meeting specific technical requirements, and ensure clearing and settlement capabilities. It outlines the application process, including required documents and a twenty-working-day review period, while detailing grounds for refusal, suspension, termination, or revocation of licenses based on compliance failures or legal violations.
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