Residents of the Republic of Uzbekistan have been granted the opportunity to participate in the Regulatory Sandbox regime

The Ministry of Justice has registered an order of the Director of the National Agency for Prospective Projects introducing amendments to the Regulation governing the Regulatory Sandbox special legal regime in the capital market (Registration No. 3493-1, dated April 3, 2026).

Under the revised framework:

• JSC “Central Securities Depository” and the "Tоshkent" Republican Stock Exchange are authorized to conduct operations within the Regulatory Sandbox without additional registration;
• foreign nominee holders are permitted to open securities accounts and operate in Uzbekistan either directly or through an agent;
• corporate bonds may now be issued in foreign currency, with settlements conducted in such currency;
• it is explicitly established that securities and funds held in the accounts of foreign nominee holders do not constitute their beneficial ownership;
• transfers of securities between nominee accounts without a change in the beneficial owner, on a free-of-payment (FOP) basis, do not give rise to tax liabilities;
• foreign nominee holders are allowed to operate in Uzbekistan without obtaining a license, establishing a branch, or creating a separate legal entity;
• disputes arising from corporate relations, including those related to depositary receipts, may be referred to international commercial arbitration by agreement of the parties.