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.
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, jdsupra.com explains.
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