On Approval of the Rules for Issuance and Circulation of Electronic Money in the Territory of the Republic of Uzbekistan

Decision of the Board of the Central Bank of the Republic of Uzbekistan, registered on 29.04.2020, registration number 3231

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[OKOZ:
1.
03.00.00.00 Civil Legislation / 03.11.00.00 Specific Types of Obligations / 03.11.17.00 Settlements (see also 07.21.03.00) / 03.11.17.06 Settlements via Plastic Cards and Electronic Payment Systems;
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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 / 07.03.02.00 Cash Emission, Organization and Regulation of Money Circulation. Inflation]
[TSZ:
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Finance / Monetary System. Settlements]

Resolution of the Board of the Central Bank of the Republic of Uzbekistan

On Approval of the Rules for the Issuance and Circulation of Electronic Money in the Territory of the Republic of Uzbekistan

[Registered by the Ministry of Justice of the Republic of Uzbekistan on April 29, 2020, registration number 3231]

In accordance with the Laws of the Republic of Uzbekistan "On the Central Bank of the Republic of Uzbekistan" and "On Payments and Payment Systems", the Board of the Central Bank of the Republic of Uzbekistan resolves:

The Rules for the Issuance and Circulation of Electronic Money in the Territory of the Republic of Uzbekistan shall be approved according to the Attachment.
This Resolution shall enter into force from the day of its official publication.

Chairman of the Central Bank M. NURMURATOV

Tashkent city,

February 15, 2020,

No. 3/13

ATTACHMENT
to Resolution No. 13/3 of the Board of the Central Bank of the Republic of Uzbekistan dated February 15, 2020

RULES
for the Issuance and Circulation of Electronic Money in the Territory of the Republic of Uzbekistan

These Rules establish the rules for the issuance and circulation of electronic money in the territory of the Republic of Uzbekistan in accordance with the Law of the Republic of Uzbekistan "On Payments and Payment Systems".

Chapter 1. General Provisions

The following basic concepts are used in these Rules:

exchange operation — an operation to exchange electronic money issued by one electronic money issuer (hereinafter referred to as the issuer in the text) for electronic money issued by another issuer;

single-issuer electronic money system — an electronic money system ensuring the issuance of electronic money by one issuer and their circulation in the electronic money system;

multi-issuer electronic money system — an electronic money system ensuring the issuance of electronic money by two or more issuers and their circulation in a single electronic money system;

prepaid card — a non-personalized payment instrument that allows the use of electronic money funds credited in advance without being linked to a bank account;

security procedure — a set of software and technical means and measures aimed at ensuring security and information protection to establish the rights of the electronic money owner to access the electronic wallet and perform operations with electronic money;

agents of the electronic money system — banks or payment agents that perform operations to receive electronic money and sell them to individuals based on an agreement concluded with the issuer or the operator of the electronic money system (hereinafter referred to as the operator in the text);

operating rules of the electronic money system (hereinafter referred to as the rules of the electronic money system in the text) — procedures established by the operator providing for the issuance, sale, purchase, redemption of electronic money, as well as performing operations in the electronic money system using electronic money;

personal cabinet of the electronic money owner — a personal section of the electronic money owner on the internet resource of the electronic money system;

redemption of electronic money — a payment service involving the performance of an operation by the issuer to exchange electronic money issued by them, presented by the electronic money owner, for a sum of monetary funds equal to their nominal value;

termination of issuance of electronic money — termination of the activity of providing payment services for the issuance of electronic money by the issuer;

electronic wallet — software, microprocessor (chip), software and technical device of the electronic money system where electronic money is stored and allows their use;

blocking of the electronic wallet — prohibition of access to the electronic wallet and use of electronic money;

issuer — the Central Bank of the Republic of Uzbekistan (hereinafter referred to as the Central Bank in the text) and banks are the issuers of electronic money.

Chapter 2. Organization of the Electronic Money System Activity

The issuer, operator, agent of the electronic money system, electronic money owner, as well as banks, payment organizations, individual entrepreneurs and (or) legal entities that have concluded an agreement with the issuer are considered subjects of the electronic money system.
A bank and (or) a payment organization with the appropriate license that ensures the functioning of the electronic money system is considered the operator.
The issuer or another bank that is not an issuer may be the settlement bank of the electronic money system (hereinafter referred to as the settlement bank in the text) based on an agreement concluded with the operator.
The issuer shall send a notification to the Central Bank in the form according to Attachment 1 to these Rules on the commencement of activity for the issuance and sale of electronic money.

The notification shall indicate the name of the operator (trademark) and the license number issued to the operator, information about the issuer, the operator's settlement bank and agents of the electronic money system.

Together with the notification, the issuer shall submit the following documents to the Central Bank:

documents confirming the place of the issuer in the electronic money system (agreement concluded with the operator) in cases where the issuer is not the operator and the trademark of the electronic money system does not belong to it;

samples of agreements to be concluded with subjects of the electronic money system.

Within ten days after receiving the notification by the Central Bank, the submitted documents shall be reviewed and relevant information on the start date of electronic money issuance shall be entered into the Electronic Money System Registry maintained on the official website of the Central Bank.

If the issuer is the Central Bank, it shall publish an announcement on its official website at least thirty days in advance about the commencement of its activity for the issuance and sale of electronic money and relevant information on the start date of electronic money issuance shall be entered into the Electronic Money System Registry.

The issuer and operator shall be liable to the owner of electronic money for damages caused to the owner of electronic money as a result of unauthorized possession of and (or) unauthorized use of electronic money, as well as errors or interruptions in the operation of the issuer's software or the functioning of the electronic money system, in accordance with the terms of the agreement on the issuance, use and redemption of electronic money.
The operator shall establish the rules of the electronic money system in accordance with the agreement concluded with the issuer. In a multi-issuer electronic money system, the rules of the electronic money system must be agreed upon with each issuer. In this case, the operator shall submit the rules of the electronic money system to the Central Bank.
The operator shall ensure that transactions in the electronic money system are carried out in accordance with the rules of the electronic money system.
The operator shall have the right to conclude agreements with other subjects of the electronic money system on behalf of the issuer(s) in the following cases:

in a single-issuer electronic money system — in cases provided for in the agreement concluded between the issuer and the operator;

in a multi-issuer electronic money system — in cases provided for in the agreements concluded between the operator and each issuer.

In this case, the operator shall ensure separate accounting of electronic money for each issuer regarding operations related to electronic money.

Chapter 3. Issuance and Sale of Electronic Money

The issuance of electronic money shall be carried out by the issuer within the limits of monetary funds received from an individual or an agent of the electronic money system, in accordance with the rules of the electronic money system and the agreement on the issuance, use and redemption of electronic money.
The accounting of electronic money shall be maintained by the issuer in a special deposit account opened at the settlement bank. The special deposit account shall be used only to perform operations for crediting monetary funds during the issuance of electronic money and debiting monetary funds during their redemption. The balance of funds in this account must be equal to the sum of liabilities for all electronic money issued in the relevant electronic money system.
The sale of electronic money to individuals or the purchase of electronic money from individuals shall be carried out by an agent of the electronic money system based on an agreement concluded with the issuer or operator, which shall specify the rights and obligations of the parties, the procedure and conditions for the sale and purchase of electronic money.
Before concluding an agreement on the issuance, use and redemption of electronic money, the issuer or operator shall provide an individual participating in the electronic money system with:

the name and location (postal address) of the issuer and operator, as well as the license number of the payment organization if the operator is not a bank;

conditions for the use of electronic money;

the procedure and amount of charging intermediary fees from the electronic money owner by the issuer and (or) operator during the issuance, use and redemption of electronic money;

information on methods of submitting complaints and the procedure for their consideration, including information for contacting the issuer or operator.

The sale of electronic money to an individual and an agent of the electronic money system shall be carried out by crediting electronic money purchased from the issuer to the electronic wallet formed for each electronic money owner by the electronic money system.
Based on an agreement concluded with the issuer or operator, an agent of the electronic money system may sell electronic money to individuals who have an electronic wallet in the electronic money system or purchase electronic money from an individual who is the owner of electronic money at nominal value for the purpose of redeeming them.

Electronic money issued by the issuer in the territory of the Republic of Uzbekistan must be denominated only in national currency.

During the issuance of electronic money by the issuer, a receipt or other confirming document (hereinafter referred to as the receipt in the text) confirming that the electronic money has been sold to the owner of electronic money and that the owner of electronic money has purchased the electronic money shall be provided to the owner of electronic money in paper or electronic form.
The receipt must have the following details:

name of the issuer and operator;

date (day, month and year) and time (hour, minute and second) of the operation;

serial number of the operation;

amount of issued electronic money;

identification code of the electronic wallet belonging to the owner of electronic money;

amount of intermediary fee charged (if specified in the agreement on the issuance, use and redemption of electronic money).

Additional details may be entered into the receipt by the issuer.

During the sale of electronic money by an agent of the electronic money system, a document confirming the sale of these funds shall be provided to the individual in paper or electronic form.

This document must have the following details:

name of the agent, issuer and operator;

date (day, month and year) and time (hour, minute and second) of the operation;

serial number of the performed operation;

amount of sold electronic money;

identification code of the electronic wallet belonging to the owner of electronic money;

amount of intermediary fee charged (if specified in the agreement on the issuance, use and redemption of electronic money).

Additional details may be entered into this document by the issuer or operator.

The procedure and conditions for accounting of monetary funds received from individuals during the purchase and sale of electronic money by an agent of the electronic money system, as well as during the sale of electronic money, shall be specified in the agreement concluded between the agent and the issuer or operator.

Chapter 4. Use of Electronic Money

See previous edition.

An individual who is the owner of electronic money may use electronic money for the purpose of making payments and performing other operations by transferring electronic money from the owner to another participant of the electronic money system on the basis of conditions specified in the rules of the electronic money system and not contradicting legislative acts.
(Clause 22 as amended by Order No. 16-mh of the Minister of Justice of the Republic of Uzbekistan dated July 28, 2021 (registration number 3313, 28.07.2021) — National Database of Legislative Information, 28.07.2021, No. 10/21/3313/0724)
Only electronic money issued in the territory of the Republic of Uzbekistan may be accepted for payment for goods, works and services realized in the territory of the Republic of Uzbekistan.
Acceptance of electronic money as payment for transactions by individual entrepreneurs and (or) legal entities shall be carried out based on an agreement concluded with the issuer or another bank that is a participant of the electronic money system.
The use of electronic money by the owner of electronic money shall be carried out in accordance with the rules of the electronic money system and the agreement on the issuance, use and redemption of electronic money concluded between the owner of electronic money and the issuer or operator.
Conditions for performing operations using electronic money shall be specified in the agreement on the issuance, use and redemption of electronic money.
Payments for transactions in the electronic money system shall be carried out by transferring electronic money from the electronic wallet of one electronic money owner to the electronic wallet of another electronic money owner in accordance with the rules of the electronic money system.
Electronic money shall be formed in the electronic money system for each electronic money owner in the form of an electronic wallet or issued in the form of a prepaid card by the issuer, operator or agent of the electronic money system in accordance with the rules of the electronic money system, the agreement on the issuance, use and redemption of electronic money and the agreement concluded between the issuer and operator.
A unique identification number created by the electronic money system and issued during the first registration in the system shall be assigned to each electronic wallet. The owner of the electronic wallet shall have the ability to access the electronic wallet and perform operations with electronic money after authentication by the identification number of the electronic wallet.
The operator shall ensure access to the electronic wallet after authentication through the personal cabinet of the electronic money owner on the internet resource of the electronic money system.

The list of payment services provided through the personal cabinet of the electronic money owner and the procedure for their provision shall be determined in accordance with the rules of the electronic money system and the agreement concluded between the electronic money owner and the issuer or operator.

The operator may perform exchange operations of electronic money within various electronic money systems and within a multi-issuer electronic money system.

Exchange operations of electronic money denominated in foreign currency issued by a non-resident of the Republic of Uzbekistan shall be carried out by the issuer if there is an agreement with a non-resident of the Republic of Uzbekistan.

Electronic money may be used to purchase goods, works and services from individual entrepreneurs and legal entities that are subjects of this electronic money system.
Special electronic wallets shall be formed for individual entrepreneurs and (or) legal entities by the issuer or operator. Electronic money shall be accepted to these wallets only for the purpose of subsequently transferring monetary funds equal to their nominal value to bank accounts for goods, works and services realized. Electronic money in the special electronic wallets of individual entrepreneurs and (or) legal entities shall not be allowed to be re-realized in this electronic money system.
The procedure and timing for settlement of electronic money of individual entrepreneurs and legal entities are established in the contract concluded between the issuer and individual entrepreneurs and (or) legal entities. If the contract concluded between the issuer and the individual entrepreneur and (or) legal entity does not provide for a different period, the issuer shall settle the electronic money received at the time of payment under the transaction by individuals from the individual entrepreneur and (or) legal entity within the day the electronic money is received.
For any operation carried out in the electronic money system, a receipt or other confirming document (hereinafter referred to in the text as a confirming document) must be sent to the electronic money owner's mobile communication devices as an SMS message and (or) to the email address as a message.

The confirming document must include the following:

identification code of the electronic wallet;
transaction code identifying the payment;
name and tax identification number (TIN) of the individual entrepreneur and (or) legal entity;
confirming document number;
payment amount;
date (day, month and year) and time (hour, minute and second) of the operation.

Other information may also be indicated in the confirming document.

The operator ensures the identification of the identified electronic money owner and the identification of the necessary requisites in the electronic wallet of the unidentified electronic money owner when operations with electronic money are carried out.
In accordance with the Law of the Republic of Uzbekistan "On Payments and Payment Systems", the operator ensures the establishment of the following requirements regarding the maximum amount of operations carried out in the electronic money system:

the maximum amount of a single operation carried out by an individual who is the owner of identified electronic money shall not exceed an amount equal to one hundred times the base calculation amount;
the maximum amount of electronic money stored in a single electronic wallet (device) of an individual who is the owner of unidentified electronic money shall not exceed an amount equal to five times the base calculation amount;
the maximum amount of a single operation carried out by an individual who is the owner of unidentified electronic money shall not exceed an amount equal to the base calculation amount.

At the request of the electronic money owner, the operator provides him with an electronic extract containing information about operations carried out using the electronic wallet.
In the electronic money system, the electronic wallet is blocked by the operator or issuer in the following cases:

upon receipt of a notification from the electronic money owner about loss, theft or unauthorized use of the electronic wallet;
when the terms of the contract on the issuance, use and settlement of electronic money by the electronic money owner are violated;
in other cases provided for in the contract.

After the factors that caused the blocking of the electronic wallet are fully eliminated, the electronic wallet is restored for use (switched to active status).

The operator provides the issuer with the opportunity to receive information about operations and transactions carried out by the electronic money owner in online mode.
In cases where the electronic wallet is blocked, the issuer and the operator must ensure the full fulfillment of obligations that arose before the time the electronic money owner's electronic wallet was blocked.
The operator may sign a contract on cooperation with another electronic money system operator, if such cooperation procedure is reflected in the electronic money system rules.

Chapter 5. Redemption of Electronic Money

The issuer redeems electronic money submitted by the electronic money owner by exchanging it for cash or by crediting non-cash funds to the bank account of the electronic money owner in accordance with the electronic money system rules and the contract concluded between the issuer and the electronic money owner on the issuance, use and settlement of electronic money.
The issuer ensures the withdrawal from circulation of electronic money submitted by the electronic money owner for redemption of electronic money.
Electronic money is considered redeemed by the issuer in the following cases:

from the moment the relevant amount is credited to the bank account of the electronic money owner — an individual or cash funds are given to him;
from the moment the relevant funds are credited to the bank account of the electronic money owner — an individual entrepreneur and (or) legal entity.

Upon completion of the electronic money redemption operation by the issuer, a receipt is given to the electronic money owner in paper or electronic form.

If the issuer terminates its activity on the issuance of electronic money, it sends a notification to the Central Bank at least thirty days in advance in the form according to Appendix 1 to these Rules and announces this on its official website.

If the issuer is the Central Bank, it must announce this on its official website at least thirty days before terminating its activity on the issuance of electronic money.

In the electronic money system, at least thirty days before the issuer terminates its activity on the issuance of electronic money, it notifies electronic money owners and other subjects of the electronic money system about the termination of this activity through mass media, as well as through electronic means. In this case, this notification may be repeated several times and must include the deadline for redemption of electronic money.
After the deadline established by the issuer for termination of electronic money issuance activity has expired, if no application for redemption of electronic money is made by the electronic money owner, the electronic money in their electronic wallet is mandatorily redeemed by the issuer. In this case, by the issuer:

electronic money of individual entrepreneurs and (or) legal entities — by fully transferring the remaining amount in the electronic wallet to their bank accounts;
electronic money of an individual who is the owner of identified electronic money — by fully transferring the remaining amount in the electronic wallet to the bank account;
electronic money of an individual who is the owner of unidentified electronic money — is redeemed by fully crediting the remaining amount in the electronic wallet to a special account of the issuer where funds are kept until demanded by the individual.

After the electronic money of individuals who did not apply for redemption of electronic money is mandatorily redeemed by the issuer:

individuals considered to be owners of identified electronic money — by submitting a document confirming their identity;
individuals considered to be owners of unidentified electronic money — may receive funds by providing code information previously sent by the issuer to email addresses or mobile communication devices.

In this case, the issuer maintains a list of recipients of funds based on the identity confirmation document of individuals.

After the deadline established for redemption of electronic money has expired, within three working days, the issuer submits relevant information to the Central Bank on funds credited to the issuer's bank account at the expense of electronic money for which the electronic money redemption operation was carried out, the number of electronic money owners and the amounts of electronic money.
When issuers terminate electronic money issuance activity in a multi-issuer electronic money system:

it transfers obligations for issued electronic money to one of the issuers of the electronic money system based on a contract concluded with it;
if there is no contract on transferring the obligation for issued electronic money to one of the issuers of the multi-issuer electronic money system, the procedure for fulfilling and redeeming obligations for issued electronic money is carried out in accordance with the procedure established for a single-issuer system.

Other requirements may be imposed by the issuer that has assumed the obligations of the issuer that terminated its activity on individual entrepreneurs and (or) legal entities, as well as on the agent of the electronic money system in accordance with the electronic money system rules and the terms of the contract concluded between them.

Chapter 6. Ensuring Security and Risk Management in the Electronic Money System

The issuer and operator take measures to ensure and implement organizational and procedural measures in accordance with the requirements of the Law of the Republic of Uzbekistan "On Combating the Legalization of Proceeds from Criminal Activities, Terrorist Financing and Financing the Proliferation of Weapons of Mass Destruction" in order to detect and prevent fraud and legalization of proceeds from criminal activities, terrorist financing and financing the proliferation of weapons of mass destruction in the electronic money system.
Procedures for protection against unauthorized payments are established by the rules of the electronic money system and contracts concluded between subjects of the electronic money system.
Means and measures to prevent unauthorized access to software and technical facilities of the electronic money system and electronic wallets, as well as organizational measures must ensure sufficient protection of information.
Procedures for information security and protection used in the electronic money system must ensure continuous protection of information at all stages of electronic money circulation, including:

identification of the rights of the electronic money owner to carry out operations with electronic money;
identification of the causes of incidents identified during operations with electronic money;
protection against unauthorized use of information and ensuring information integrity.

In accordance with the contract between the issuer and the operator, the issuer or operator keeps records of information on the balance of electronic money in the electronic wallets of electronic money owners and operations carried out by them.

The operator ensures the registration of all operations carried out using electronic wallets, the formation of statistical and information reports on operations, and the storage of information on operations in the format in which they were formed, sent or received, complying with their integrity and immutability, for a period of not less than five years.

Risk management in the electronic money system must be based on the availability of the following:

internal control and audit procedures of the system operation, storage of data on system operation and transactions;
an information system that ensures timely processing, recording of data on each transaction and storage of information, protection and storage of data in the system;
availability of qualified staff.

Chapter 7. Final Provisions

The operator submits a report to the Central Bank on the activity of the electronic money system for the past month in the form according to Appendix 2 to these Rules no later than the 3rd day of each month.
Persons guilty of violating the requirements of these Rules shall be liable in the manner established by legislative acts.
(Paragraph 60 in the edition of the Order of the Minister of Justice of the Republic of Uzbekistan dated July 28, 2021 No. 16-MH (registration number 3313, 28.07.2021) — National Database of Legislative Information, 28.07.2021, No. 10/21/3313/0724)
These Rules are agreed with the Chamber of Commerce and Industry of Uzbekistan.

Chairman of the Chamber of Commerce and Industry of Uzbekistan A. IKRAMOV

March 30, 2020

Appendix 1
to the Rules for the Issuance and Circulation of Electronic Money in the Territory of the Republic of Uzbekistan

No. _______ "___" _______20

Central Bank of the Republic of Uzbekistan

NOTIFICATION on the Start (Termination) of Issuance of Electronic Money

Electronic money issuer ______________________________________________________________________

(name of bank)

notifies about the start (termination) of issuance of electronic money from "____" _________ 20__.

Name of the electronic money system: _______________________________________________________________

Name of the operator of the electronic money system: ______________________________________________________

Name of the settlement bank of the electronic money system: ____________________________________

Agents of the electronic money system:

No.

Name

Postal address

...

Authorized representative of the notifier

(position)

(Full Name)

Appendix 2
to the Rules for the Issuance and Circulation of Electronic Money in the Territory of the Republic of Uzbekistan

On Activity on Issuance and Circulation of Electronic Money

REPORT

As of 1 ________ 20___

(month)

(Name of Electronic Money System Operator)

No.

Name of Issuer

Number of Electronic Wallets and Balance Amount in Them (Beginning of Month)

Operations Carried Out in the Electronic Money System During the Month

Number of Electronic Wallets and Balance Amount in Them (End of Month)

Credit

Debit

Replenishment of Electronic Wallets

Payment for Goods, Works and Services by IE/LE

Redemption of Electronic Money

Electronic Money Owner — Individual

IE/LE, Agent

Number

Amount
(in sums)

Number

Amount
(in sums)

Number

Amount
(in sums)

Electronic Money Owner — Individual

IE/LE, Agent

Number

Amount
(in sums)

Number

Amount
(in sums)

Number

Amount
(in sums)

Number

Amount
(in sums)

(National Database of Legislative Information, 29.04.2020, No. 10/20/3231/0529; National Database of Legislative Information, 28.07.2021, No. 10/21/3313/0724)