On Additional Measures to Develop the Financial Technology Sector in Uzbekistan

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[
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07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.03.00.00 Monetary System and Money Circulation. Inflation / 07.03.01.00 General Issues;
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12.00.00.00 Information and Informatization / 12.04.00.00 Informatization. Information Systems, Technologies and Means of Their Provision / 12.04.02.00 Information Systems, Technologies and Means of Their Provision]
[
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Economy / Information and Informatization. Electronic Commerce (Document Circulation); 2.
Finance / General Issues]
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Decision of the President of the Republic of Uzbekistan Send suggestions for the document Listen to audio Get reference from document element On Additional Measures to Develop the Financial Technology Sector in Uzbekistan Send suggestions for the document Listen to audio Get reference from document element Send suggestions for the document Listen to audio Get reference from document element In order to accelerate the development of the financial technology market in Uzbekistan and encourage the use of modern information technology solutions in providing financial and banking services, I decide:
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I. Target Indicators
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1. The following main target indicators for the development of the financial technology sector for 2026–2030 are established:
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07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.28.00.00 Investments and Attraction of Foreign Funds (also see 07.05.04.00, 09.12.03.00, 10.01.05.00) / 07.28.05.00 Attraction of Foreign Funds]
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(a) attracting foreign investments in the amount of 1 billion US dollars to startups in the field of financial technologies; Send suggestions for the document Listen to audio Get reference from document element (b) increasing the number of participants in the financial technology market to at least 200; Send suggestions for the document Listen to audio Get reference from document element (c) increasing the number of startups that have undergone incubation and acceleration programs in the field of financial technologies to 100; Send suggestions for the document Listen to audio Get reference from document element (d) training at least 5,000 young people in the field of financial technologies; Send suggestions for the document Listen to audio Get reference from document element (e) testing digital currencies and tokens backed by national or foreign currencies (hereinafter - stablecoins) as a means of payment. Send suggestions for the document Listen to audio Get reference from document element
II. Measures to Develop the Financial Technology Sector and Financial Support for Projects
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07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.19.00.00 Banking System / 07.19.01.00 Central Bank, its structural divisions and institutions]
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2. The Central Bank is designated as responsible for the development of the financial technology sector, and additional tasks are assigned to it in accordance with
Appendix 1
.
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3. The following are established under the Central Bank:
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(a) a venture fund financing startup projects in the form of a limited liability company with a charter capital equal to the equivalent of 50 million US dollars; [ OKOZ:
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13.00.00.00 Education. Science. Culture / 13.02.00.00 Science / 13.02.12.00 Innovation. Innovative Activity. Innovative Infrastructure]
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(b) an innovation hub without legal entity status providing the following services for startups in the field of financial technologies (hereinafter - innovation hub):
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(i) implementation of incubation and acceleration programs and assistance in entering foreign markets; [ OKOZ:
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07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.05.00.00 Republic Budget / 07.05.04.00 Financing of Economic Sectors. Investment;
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07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.28.00.00 Investments and Attraction of Foreign Funds (also see 07.05.04.00, 09.12.03.00, 10.01.05.00) / 07.28.05.00 Attraction of Foreign Funds]
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(ii) assistance in attracting local and foreign venture investments; [ OKOZ:
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07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.05.00.00 Republic Budget / 07.05.13.00 State Subsidies and Grants]
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(iii) implementation of grant programs.
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4.

It is established that:
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(a) starting from January 1, 2026, the following expenses will be covered for participants of the innovation hub:
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(i) up to 50 percent of the costs associated with studying and obtaining certificates in courses in the field of financial technologies, but not exceeding the equivalent of 20,000 US dollars; Send suggestions for the document Listen to audio Get reference from document element (ii) up to 50 percent of the costs associated with attracting mentors and trainers for startup projects in the field of financial technologies by business entities implementing incubation and acceleration programs, but not exceeding the equivalent of 50,000 US dollars; Send suggestions for the document Listen to audio Get reference from document element (b) criteria and requirements for participants of the innovation hub are established by the Central Bank; [ OKOZ:
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02.00.00.00 Fundamentals of State Administration / 02.03.00.00 Republic State Administration Bodies and Economic Management Bodies / 02.03.02.00 Ministries;
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07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.19.00.00 Banking System / 07.19.01.00 Central Bank, its structural divisions and institutions]
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(c) starting from 2026, the Central Bank, together with the Ministry of Digital Technologies and other interested agencies, will annually organize international forums in the field of financial technologies to widely promote existing innovative solutions and work done in the field of financial technologies, attract foreign investments, and expand international cooperation. Send suggestions for the document Listen to audio Get reference from document element
5. The following proposals of the Central Bank are approved:
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12.00.00.00 Information and Informatization / 12.04.00.00 Informatization. Information Systems, Technologies and Means of Their Provision / 12.04.02.00 Information Systems, Technologies and Means of Their Provision]
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(a) implementation of an "open banking" system ensuring secure and standardized data exchange between banks, payment organizations, and participants of the financial technology market by September 1, 2026; Send suggestions for the document Listen to audio Get reference from document element (b) introduction of the position of Chief Data Officer in the Central Bank and commercial banks by the end of 2025 to transition to data-driven management. Send suggestions for the document Listen to audio Get reference from document element 6.

Central Bank (T. Ishmetov):
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(a) submit proposals for amendments and additions to legislative documents regarding the provision of information constituting bank secrecy to third parties with the customer's consent by February 1, 2026; Send suggestions for the document Listen to audio Get reference from document element (b) create the opportunity for direct transfers in real-time mode to individuals through their bank accounts in the Central Bank's Quick Payment System by February 1, 2026; Send suggestions for the document Listen to audio Get reference from document element (c) develop and submit to the Cabinet of Ministers the National Strategy for the Development of the Financial Technology Sector for 2026–2030, involving foreign consultants, by April 1, 2026; Send suggestions for the document Listen to audio Get reference from document element (d) ensure the implementation of a single digital system for transmitting statistical, financial, and regulatory information based on regulatory technology (RegTech) in commercial banks by the end of 2026; Send suggestions for the document Listen to audio Get reference from document element (e) submit proposals for the operational management of the venture fund's activities, venture capital management, and the attraction of a reputable foreign company with international experience in the field of financial technologies as a trusted manager by July 1, 2026. [ OKOZ:
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03.00.00.00 Civil Legislation / 03.03.00.00 Legal Entities / 03.03.05.00 Economic Companies and Societies / 03.03.05.05 Joint Stock Companies]
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7. The state institution "Center for Management of Digital Government Projects" is granted the right to carry out the activities of payment organizations for making payments related to state services. In this regard, the requirements for organizing its activities in the form of a joint stock company and the minimum amount of charter capital are not applied to it.
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III. Expanding the Use of Crypto-Assets in the Financial Sector
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8. Starting from January 1, 2026, a special legal regime for regulating the circulation of stablecoins as a means of payment (hereinafter - "regulatory sandbox") is introduced. In this regard:
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(a)

pilot projects are carried out to create a payment system based on distributed ledger technology; [ OKOZ:
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02.00.00.00 Fundamentals of State Administration / 02.03.00.00 Republic State Administration Bodies and Economic Management Bodies / 02.03.04.00 Agencies, Inspectorates and Other Departments;
2.
07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.19.00.00 Banking System / 07.19.01.00 Central Bank, its structural divisions and institutions]
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(b)

the procedure for introducing the "regulatory sandbox" regime and its duration are determined by the National Agency for Strategic Projects together with the Central Bank. Send suggestions for the document Listen to audio Get reference from document element
9. Starting from January 1, 2026:
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07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.01.00 Types of Securities / 07.24.01.02 Shares and Bonds]
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(a) resident legal entities of the Republic of Uzbekistan are permitted to issue tokenized shares and bonds; [ OKOZ:
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07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.01.00 Types of Securities / 07.24.01.02 Shares and Bonds]
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(b) a separate trading platform is established for the placement and circulation of tokenized shares and bonds on fund exchanges licensed in the established order for carrying out exchange activities within the territory of the Republic of Uzbekistan; [ OKOZ:
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07.00.00.00 Legislation on Finance and Credit. Banking Activity / 07.24.00.00 Securities. Securities Market / 07.24.01.00 Types of Securities / 07.24.01.02 Shares and Bonds]
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(c)

The National Agency for Strategic Projects is designated as responsible for establishing the procedure for the issuance and circulation of tokenized shares and bonds. Send suggestions for the document Listen to audio Get reference from document element
IV. Organization, Assurance and Control of Decision Execution
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10. The Republican Commission for the Development of the Financial Technology Sector is established in the composition according to
Appendix 2
and assigned main tasks in accordance with
Appendix 3
.
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11. The Support Program for the Financial Technology Sector for 2025-2026 is approved in accordance with
Appendix 4
.
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21.00.00.00 Comprehensive Documents for Amendments and Additions / 21.02.00.00 Decrees and Decisions of the President of the Republic of Uzbekistan]
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12.

Amendments and additions are made to the Decision of the President of the Republic of Uzbekistan dated July 3, 2018, No. PQ-3832 "On Measures to Develop the Digital Economy and the Circulation of Crypto-Assets in the Republic of Uzbekistan" in accordance with
Appendix 5
.
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13. The Central Bank, together with interested ministries and agencies, submits proposals for amendments and additions to legislative documents arising from this decision within two months.
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14. Deputy Prime Minister Zh.A. Kuchkarov and Chairman of the Central Bank T.A. Ishmetov are designated as responsible and personally accountable for the effective organization of the execution of this decision.
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15. The discussion of the execution of the decision, coordination and control of the activities of agencies responsible for execution are assigned to the Prime Minister of the Republic of Uzbekistan A.N. Aripov.
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President of the Republic of Uzbekistan Sh. MIRZIYOYEV Send suggestions for the document Listen to audio Get reference from document element Tashkent city, Send suggestions for the document Listen to audio Get reference from document element November 27, 2025, Send suggestions for the document Listen to audio Get reference from document element No. PQ-359 Send suggestions for the document Listen to audio Get reference from document element Send suggestions for the document Listen to audio Get reference from document element
Appendix 1
to the Decision of the President of the Republic of Uzbekistan dated November 27, 2025, No. PQ-359 Send suggestions for the document Listen to audio Get reference from document element Additional Tasks of the Central Bank for the Development of the Financial Technology Sector Send suggestions for the document Listen to audio Get reference from document element Send suggestions for the document Listen to audio Get reference from document element (a) ensuring proportionality in supporting innovations while maintaining the operation of the banking system, payment systems, and price stability as a priority goal; Send suggestions for the document Listen to audio Get reference from document element (b) acting as the main driver of innovations in the financial sector and ensuring an effective competitive environment for market participants; Send suggestions for the document Listen to audio Get reference from document element (c) applying regulatory measures in the introduction and development of financial technologies aimed at reducing risks arising from innovations; Send suggestions for the document Listen to audio Get reference from document element (d) making decisions in the field of financial technologies based on complete and reliable information; Send suggestions for the document Listen to audio Get reference from document element (e) guaranteeing the rights of citizens in the process of providing services in the field of financial technologies; Send suggestions for the document Listen to audio Get reference from document element (f) supporting startup projects in the field of financial technologies. Send suggestions for the document Listen to audio Get reference from document element Send suggestions for the document Listen to audio Get reference from document element
Appendix 2
to the Decision of the President of the Republic of Uzbekistan dated November 27, 2025, No. PQ-359 Send suggestions for the document Listen to audio Get reference from document element Republican Commission for the Development of the Financial Technology Sector Send suggestions for the document Listen to audio Get reference from document element COMPOSITION Send suggestions for the document Listen to audio Get reference from document element Send suggestions for the document Listen to audio Get reference from document element 1. T.A. Ishmetov — Chairman of the Central Bank, Chairman of the Republican Commission 2. Sh.Kh. Shermatov — Minister of Digital Technologies, Deputy Chairman of the Republican Commission 3. V.Y. Pak — First Deputy Director of the National Agency for Strategic Projects 4. M.Sh. Istamov — First Deputy Minister of Justice 5. I.U. Umrzakov — Deputy Minister of Economy and Finance 6. Zh.I. Abdiev — Deputy Chairman of the Committee on Taxes 7. R.Sh. Kadirov — Director of the Department of the Central Bank, Deputy Chairman of the Republican Commission

Secretary
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Comment
: If members of the Republican Commission change jobs, persons newly appointed to these positions or entrusted with performing the relevant functions are included in its composition. Submit suggestions for the document Listen to audio Get a reference from the document element Submit suggestions for the document Listen to audio Get a reference from the document element Submit suggestions for the document Listen to audio Get a reference from the document element Of the Decision of the President of the Republic of Uzbekistan dated November 27, 2025 No. PQ-359 DECISION 3-APPENDIX Submit suggestions for the document Listen to audio Get a reference from the document element Main tasks of the Republican Commission for the Development of the Financial Technology Sector Submit suggestions for the document Listen to audio Get a reference from the document element Submit suggestions for the document Listen to audio Get a reference from the document element (a) determining strategic directions for the development of the financial technology sector; Submit suggestions for the document Listen to audio Get a reference from the document element (b) regularly discussing problems in the sector and taking measures to eliminate them; Submit suggestions for the document Listen to audio Get a reference from the document element (c) coordinating the activities of state bodies, financial institutions, and the private sector in the field of financial technologies; Submit suggestions for the document Listen to audio Get a reference from the document element (d) preparing proposals for improving legislation regarding the widespread introduction of financial services that have successfully passed tests in the Central Bank's "regulatory sandbox"; Submit suggestions for the document Listen to audio Get a reference from the document element (e) taking relevant measures to eliminate factors hindering the development of the financial technology sector, including auditing and optimizing the tariffs of commercial banks and payment organizations. Submit suggestions for the document Listen to audio Get a reference from the document element Submit suggestions for the document Listen to audio Get a reference from the document element Of the Decision of the President of the Republic of Uzbekistan dated November 27, 2025 No. PQ-359 4-APPENDIX Submit suggestions for the document Listen to audio Get a reference from the document element Support for the Financial Technology Sector in 2025-2026 Submit suggestions for the document Listen to audio Get a reference from the document element PROGRAM Submit suggestions for the document Listen to audio Get a reference from the document element Submit suggestions for the document Listen to audio Get a reference from the document element No. Name of Measures Implementation Mechanism Implementation Period Responsible Executors 1. Development of the National Strategy for the Development of the Financial Technology Sector for 2026-2030.

1. Attract foreign consultants for the development of the Strategy.
   December 2025
   Central Bank
   (Ishmetov)
2. Develop the draft Strategy and submit it to the Cabinet of Ministers.
   March 2026

Introduction of the practice of providing personal and financial information of their clients to third parties with the consent of bank clients. Submitting a draft normative legal document to the Cabinet of Ministers on amendments and additions to the laws "On Bank Secrecy", "On Banks and Banking Activity", and other legislative acts. January 2026 Central Bank (Ishmetov) , Ministry of Justice (Tashkulov) 3. Development of the IT Strategy for the Digitalization of the Central Bank's Activities. Adoption of the IT Strategy for the Digitalization of the Central Bank's Activities for 2026-2030 and its "roadmap" for implementation, based on advanced foreign experience in cooperation with leading international consulting companies. April 2026 Central Bank (Ishmetov) , Ministry of Digital Technologies (Shermatov) 4. Simplification of the Central Bank's "regulatory sandbox" requirements, organization of technological and thematic "sandboxes" for the introduction of innovative solutions by startups and technology companies. Development of a draft normative legal document on amendments to normative legal documents. May 2026 Central Bank (Ishmetov) , Ministry of Justice (Tashkulov) 5. Establishment of a venture fund under the auspices of the Central Bank.

1. State registration of the venture fund.
   May 2026
   Central Bank
   (Ishmetov)
2. Submit proposals for attracting an experienced foreign company to manage the venture fund.
   July 2026
3. Gradually form the charter capital of the venture fund from the net profit of the Central Bank up to the equivalent of 50 million US dollars by 2030.
   2026-2030

Introduction of unified standards for making payments via QR codes.

1. Pilot implementation of the universal QR code project in cooperation with banks and payment organizations.
   December 2025
   Central Bank
   (Ishmetov)
2. Develop and approve the draft normative legal document on universal QR codes.
   January 2026
3. Implementation of the universal QR code in the payment services market.
   February 2026

Introduction of the "Open Banking" system, which ensures secure and standardized data exchange between banks, payment organizations, and other participants of the financial technology market.

1. Formation of the concept and management model of the "Open Banking" system.
   January 2026
   Central Bank
   (Ishmetov)
2. Development of the normative-technical base and system architecture.
   May 2026
3. Development of the "roadmap" for the implementation of the "Open Banking" system, conducting a pilot stage with limited participants, and gradual expansion after testing.
   August 2026

Development of a "roadmap" for conducting a pilot test of the use of the Central Bank's digital currency as a payment instrument. Development and approval of the "roadmap" for the introduction of the Central Bank's digital currency, taking into account recommendations from international consulting companies. April 2026 Central Bank (Ishmetov) , National Agency for Prospective Projects (Li) , Committee on Taxes (Pulatov) 9. Introduction of a special legal regime for regulating the circulation of stablecoins as a payment instrument. 1. Adoption of the procedure for introducing the "Regulatory Sandbox" regime. February 2026 National Agency for Prospective Projects (Li) , Central Bank (Ishmetov) , relevant ministries and departments
2. Selection of regime participants.
3. Implementation of pilot projects within the framework of the regime.
4. Expertise on compliance with the cybersecurity requirements of the payment system.
After the regime is introduced
10.
Establishment of the issuance and circulation of tokenized shares and bonds.

1. Adoption of the procedure for the issuance and circulation of tokenized shares and bonds.
   February 2026
   National Agency for Prospective Projects
   (Li)
   , Central Bank
   (Ishmetov)
2. Expertise on compliance with the cybersecurity requirements of the information system used for the issuance of tokenized shares and bonds.
   May 2026

Introduction of the service of direct transfers from individuals' bank accounts using mobile numbers for individuals in the Central Bank's payment system. Development of the opportunity to implement "P2P" transfers between individuals in the Central Bank's Quick Payment System and its provision to payment service providers in the form of Open API. February 2026 Central Bank (Ishmetov) 12. Creation of opportunities for users to choose a bank card issuer without mandatory customer audience, with the aim of encouraging competition in the retail banking services and payment services market.

1. Development of measures aimed at giving citizens the right to choose the bank receiving their salary or the electronic wallet provider.
   December 2025
   Central Bank
   (Ishmetov)
2. Creation of a function for mass (aggregate) payments in payment systems managed by the Central Bank.
   June 2026

Creation of a payment "switch" system for all payments in national currency passing through the Central Bank, with the aim of increasing the security and stability of payments.

1. Development of the technical specification of the project, studying the experience of foreign countries that have introduced a payment "switch".
   January 2026
   Central Bank
   (Ishmetov)
2. Development and approval of a draft normative legal document establishing the direct work of international and local payment system operators (electronic money operators) through the Central Bank's single gateway.
   March 2026

Development of the concept of the Central Bank's cloud system.
Development and approval of the concept of the Central Bank's cloud system in cooperation with international consulting companies, studying international experience. September 2026 Central Bank (Ishmetov) , Ministry of Digital Technologies (Shermatov) 15. Improvement of cybersecurity and information security, as well as the anti-fraud system in the banking system.

1. Adoption of a normative legal document on the procedure for conducting information security and cybersecurity audits of information objects of organizations under the supervision of the Central Bank, together with an international consulting company.
   June 2026
   Central Bank
   (Ishmetov)
2. Development and approval of a "roadmap" for ensuring cybersecurity in the banking system.
   August 2026
   Central Bank
   (Ishmetov)

Development of a mechanism for accounting for consent given by the population to the processing of personal and/or financial information by credit and payment organizations, and its cancellation by the client when necessary.

1. Development of technical requirements based on advanced foreign experience.
   January 2026
   Central Bank
   (Ishmetov)
   , Ministry of Digital Technologies
   (Shermatov)
2. Taking measures to create a platform.
   September 2026
3. Integration of the platform with the Single Interactive State Services Portal.
   By the end of 2026

Increasing the personnel potential in the field of financial technologies.

1. Introduction of a training program in the field of financial technologies together with prestigious foreign educational institutions and determination of the procedure for participation in the program.
   May 2026
   Central Bank
   (Ishmetov)
2. Organization of training for 5,000 young people on the financial technologies training program.
   Throughout 2026-2030

Organization of forums in the field of financial technologies in the Republic of Uzbekistan.
Organization of "FinTech" week annually in Uzbekistan starting from 2026, with the aim of widely promoting innovative solutions and completed work in the field of financial technologies, attracting foreign investments, and expanding international cooperation. October 2026 Central Bank (Ishmetov) , Ministry of Digital Technologies (Shermatov) 19. Introduction of the position of Chief Data Officer for data management in the Central Bank and commercial banks, with the aim of transitioning to data-driven management.

1. Determination of qualification requirements and priority tasks for the Chief Data Officer for data management by the Central Bank.
   December 2025
   Central Bank
   (Ishmetov)
2. Appointment of qualified personnel to the position in commercial banks.
   July 2026
   Central Bank
   (Ishmetov)
   , Ministry of Economy and Finance
   (Norqulov)
   , commercial banks
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   Of the Decision of the President of the Republic of Uzbekistan dated November 27, 2025 No. PQ-359 5-APPENDIX Submit suggestions for the document Listen to audio Get a reference from the document element Amendments and additions to the Decision of the President of the Republic of Uzbekistan dated July 3, 2018 No. PQ-3832 "On Measures for the Development of the Digital Economy and the Circulation of Crypto-Assets in the Republic of Uzbekistan" Submit suggestions for the document Listen to audio Get a reference from the document element Submit suggestions for the document Listen to audio Get a reference from the document element
3. The fifth subparagraph of sub-item "i" of item 3 shall be stated in the following wording:
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   "compliance with the requirements prohibiting the provision of promises regarding the effectiveness (income) of activities related to the use of crypto-assets, including in advertising in the field of crypto-asset circulation, dissemination of information that transactions with crypto-assets are an easy way to get rich, and that crypto-assets cannot be used as a means of payment or acceptance of payment (except in cases specified by legislative acts) within the territory of the Republic of Uzbekistan". Submit suggestions for the document Listen to audio Get a reference from the document element Submit suggestions for the document Listen to audio Get a reference from the document element 2. Item 4 shall be supplemented with the fourth subparagraph of the following content:
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   "Crypto-shops have the right to store their clients' funds in the process of carrying out their activities only through an electronic platform, starting from the moment the transaction is carried out and the corresponding entry appears in the distributed ledger, for the period specified by the Agency". Submit suggestions for the document Listen to audio Get a reference from the document element Submit suggestions for the document Listen to audio Get a reference from the document element
4. Item 6
   sub-item "v" shall be supplemented with the words ", except in cases specified by legislative acts" after the word "applicability". (National Database of Legislative Information, 28.11.2025, No. 07/25/359/1106)