Legislative Chamber Approves Law on Tashkent Financial Center

Tashkent, Uzbekistan (UzDaily.com) — The Legislative Chamber of the Oliy Majlis of Uzbekistan, the lower house of parliament, adopted in the first reading on 13 May a draft constitutional law “On the Tashkent International Financial Center.”

The document provides for the creation of a special financial zone in the country with a separate legal regime for international investors and financial market participants.

According to the press service of the lower house, the draft law is aimed at improving the investment climate, attracting foreign capital, and developing modern financial infrastructure in Uzbekistan. It defines the legal status of the Tashkent International Financial Center, its governance structure, and the regulatory framework for activities within its territory.

During discussions, lawmakers noted that the draft was prepared taking into account international experience, including models from the Singapore financial hub, the Dubai International Financial Centre, and the Astana International Financial Centre. The main objective is to ensure legal stability and effective judicial protection for foreign investors.

The draft law provides for the establishment of an institutional structure for the center, including its administration, a Financial Services Authority, and the Tashkent International Commercial Court. The Financial Services Authority will be empowered to license participants, conduct supervision, and apply regulatory measures.

The International Commercial Court will handle disputes between participants in an independent manner. Participants in the Tashkent International Financial Center will also be allowed to conduct settlements in foreign currency, hire foreign specialists with special visas of up to five years, and benefit from tax and customs incentives.

Implementation of the initiative will require amendments to the Constitution and several legislative acts. In particular, Article 15 of the Constitution would be supplemented with a provision allowing the introduction of a special legal regime in designated territories while maintaining a unified legal framework for the country.

Amendments to Articles 131 and 134 would allow the creation of specialized courts in areas with special legal regimes, as well as separate regulation of judicial jurisdiction and legal proceedings.

During the review, deputies proposed further refinement of the draft, including strengthening investor protection mechanisms, clarifying financial security guarantees, and more precisely defining the impact of the center’s operations on the national economy.