Uzbekistan Senate Approves Payment System Reform Law

Tashkent, Uzbekistan (UzDaily.com) — During a plenary session of the Senate of the Oliy Majlis, the Law "On Amendments and Additions to Certain Legislative Acts of the Republic of Uzbekistan Aimed at Improving the Activities of Payment System Operators and Payment Organizations" was considered and approved.

During the deliberations, it was noted that reforms aimed at developing the digital payment services market, reducing financial risks, and protecting consumer rights have been consistently implemented in the country in recent years. Simultaneously, the necessity of introducing modern mechanisms capable of preventing theft and fraud involving bank cards within commercial banks, payment system operators, and payment organizations was emphasized.

The adopted law provides for amendments to several regulations, including the laws "On Payments and Payment Systems," "On the Central Bank of the Republic of Uzbekistan," "On Joint-Stock Companies and Protection of Shareholder Rights," and "On Licensing, Permissive, and Notification Procedures." The amendments are directed at regulating the activities of operators and payment organizations, implementing anti-fraud systems and biometric identification, and simplifying licensing procedures.

The document is focused on increasing security within the payment services market, preventing financial fraud, and further developing the industry. Senators noted that its adoption creates conditions for a competitive environment, reduces administrative hurdles, and stimulates the activity of banks in the field of payment services.