The National Agency of Prospective Projects of the Republic of Uzbekistan has included "Kapitalbank" and Kapital Securities in the special legal regime of the "regulatory sandbox" in the capital market. This mechanism allows testing new financial instruments under controlled conditions before their full implementation.
As part of the pilot project, "Kapitalbank" will act as the issuer of bonds denominated in foreign currency, and Kapital Securities will assume the functions of an investment intermediary in their placement. This format is intended to test the demand for foreign currency debt instruments within the domestic capital market.
It is noted that the issuance of foreign currency bonds within the "sandbox" is enshrined in the regulatory framework, including the decree of the President of Uzbekistan from December 2025. The initiative aims to expand the range of financial instruments and develop the local capital market through more flexible mechanisms for attracting investments.