Uzbekistan substantially updates payments services regulations

Monday 11 May 2020 13:02 CET | News

Uzbekistan has updated its regulations regarding payments systems, to clarify whether companies need to be licensed for providing payment services in the country.

Adoption of the Law “On Payments and Payment Systems” (the “Payments Law”) marks the end of a legal lacuna regarding the regulation of payment systems and providers of payment services by consolidating them within one law. In addition, pursuant to the Payments Law, the central bank has approved the Rules on the Issuance and Circulation of Electronic Money in Uzbekistan, which is effective as of 29 April 2020.

Among other important changes, the Payments Law made two changes in the legislation with the introduction of the following concepts: payment organiaations, payment agents and subagents as subjects that provide payment services; and electronic money (e-money).

These concepts may be an impetus for a more transparent regulation of the payment services market, and open up possibilities for international companies to enter the internal payment market of Uzbekistan, explains.

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Keywords: Uzbekistan, Central Bank of Uzbekistan, Rules on the Issuance and Circulation of Electronic Money, e-money, electronic money, online payments, payments regulation
Categories: Payments & Commerce
Countries: Uzbekistan
This article is part of category

Payments & Commerce