Central Bank of Uzbekistan divides 'regulatory sandbox' into three areas

The new edition replaces the regulations from October 2022 and is published on Lex.uz. The areas are called 'innovations', 'acceleration', and 'technological cooperation' (or 'technological partnership' in some publications). The first is intended for services using new or non-traditional approaches for the market, the second for services that do not yet exist in Uzbekistan but have been tested in other countries, and the third for technical solutions of banks and other organizations. Testing in acceleration will take up to 12 months with a possible extension of up to six months, and up to three years in the other areas.

The circle of participants has been expanded: non-residents can act as co-applicants, and companies regulated by other state bodies, not the Central Bank, are also allowed to participate. Before submitting an application, it is possible to receive preliminary consultation: the Central Bank will take measures to organize it within five working days after the request. Applications are accepted through an electronic platform, and 40 working days are still allocated for consideration, while the Central Bank will notify of its decision within one working day instead of three.

When advertising services that are being tested, it is necessary to directly indicate that they are being offered in test mode. The regulator may refuse admission if the company does not have the technical capabilities to protect data. A participant can be excluded if the project does not conduct activities six months after its launch, as well as after a cybersecurity incident with a leak or loss of confidential data.