TIFC Will Not Establish New Separate Stock Exchange
Tashkent, Uzbekistan (UzDaily.uz) — The Tashkent International Financial Centre (TIFC) does not plan to create a separate new stock exchange, though authorities are considering allowing the national exchange and international exchanges to operate within the center, according to Nodirjon Djuraev, project coordinator at the Presidential Administration. Speaking at a Silk Road Finance & Technology Forum panel discussion, Djuraev stated that capital market development within the TIFC remains under consideration, with options including admitting the domestic stock exchange and potentially permitting international exchanges to function within the center’s framework.
The legal status of the TIFC was established by a constitutional law signed by President Shavkat Mirziyoyev on 10 July 2026. The law introduces a special legal regime based on the principles, legislation, and judicial precedents of England and Wales, provided they do not contradict Uzbekistan’s Constitution. The center, established in the Tashkent City complex, is designed to attract investment, develop capital markets, expand financial services, and foster fintech and digital asset ecosystems.
The legal framework establishes the Tashkent Financial Services Authority to license and regulate participants, while the Tashkent International Commercial Court will hold exclusive jurisdiction over relevant disputes. Participants in the TIFC will benefit from operational flexibility, including foreign currency and crypto-asset transactions under contract terms, employment of foreign specialists without work permits, five-year special visas for foreign staff, and free capital repatriation.
A special tax and customs regime is established for center participants until 1 January 2076. Qualifying income from services within the center is exempt from corporate tax and social tax, excluding crypto exchange activities. Uzbek tax residents working within the TIFC will face a reduced personal income tax rate of 7 percent, while wages of foreign employees and stateless persons are exempt from personal income tax. Additional tax exemptions apply to capital gains from participant shares, official Tashkent Stock Exchange listings, dividends, interest income, financial services, and imported goods used within the center.
