Uzbekistan Creates Financial Hub According to British Rules: International Center to Appear in Tashkent

President Shavkat Mirziyoyev has signed a decree on the establishment of the Tashkent International Financial Center — a new platform for attracting investment and developing the financial market. The structure will also include a separate commercial court, which will consider disputes between participants. The center will receive special legal status and become one of the most ambitious reforms in the country's economy.

A wide range of operations will be permitted on its territory: banking and investment activities, insurance, work with digital and crypto assets, operations in the securities market, payment services, as well as Islamic and "green" financing. In addition, the development of fintech, auditing, legal and consulting services is envisaged, which should form a full-fledged financial ecosystem.

A key feature is the introduction of the norms of English common law and principles of justice, which is a new step for the legal system of Uzbekistan. The governing bodies of the center will have the right to develop their own regulations covering a wide range of issues — from corporate and tax law to data protection. The International Commercial Court will operate in two instances, ensuring independent dispute resolution and increasing the confidence of foreign investors.