The constitutional law 'On the Tashkent International Financial Center' came into force on July 25, 2026. Erkin Gadoyev, Chairman of the Senate's Committee on Budget and Economic Issues, provided information about the significance of this law and the new regulations. He emphasized that the investment environment is improving due to significant reforms being implemented to expand the attraction of foreign investments to the state economy and create favorable conditions for foreign investors.
Furthermore, President's decree dated March 30, 2026, 'On the Establishment of the Tashkent International Financial Center,' was implemented to achieve the goal of expanding Uzbekistan's participation in international financial relations.
The main objective of the constitutional law 'On the Tashkent International Financial Center' is to turn Uzbekistan into a regional and international financial hub, attract foreign investments, and develop the capital market. This law was approved at the 17th session of the Senate in July. With the new law signed by the Head of State on July 13, a special legal regime different from ordinary legislation was introduced in the center's territory, which aims to create a stable and favorable environment for investors.
A specialized International Commercial Court operates in the center's territory to resolve economic and commercial disputes. Various activities are carried out in this area, such as banking and investment activities, insurance, securities markets, payment systems, Islamic finance, financial technologies, auditing, consulting, and legal services.
The law establishes special incentives for center participants, such as tax and customs benefits, and creates conveniences for foreign investors and specialists. The legal status of the center's governing bodies—the center administration, the financial services department, and other institutions—was also defined. The Council of the Center is considered a permanent operating collegial body and consists of at least five members.
Previously, this constitutional law was adopted by the Legislative Chamber of the Supreme Assembly and sent to the Senate for review. However, the Senate conducted an in-depth analysis of the law and noted the need to further refine some of its norms in light of current legislation and international standards, leading to its rejection at the 16th session. Therefore, a joint agreement commission was established to resolve disagreements.
All proposals and objections presented in the conclusion of the Senate's Committee on Budget and Economic Issues were widely discussed by the joint agreement commission. Every norm of the law was reviewed with the participation of deputies, senators, government representatives, and relevant ministries and agencies. The law was further refined based on international experience, national legislation, and legal practice requirements and was developed in the revised version.
In particular, the norms regarding the protection of the funds and assets of center participants were adapted to the universally recognized principles of international law, and to international standards in the areas of combating money laundering from criminal activities and financing terrorism. As a result, these norms were made precise, legally substantiated, and suitable for practical application.
The financial services and types of activities carried out in the center were clearly specified by dividing them into separate groups. Mechanisms for applying English law in the financial center's territory were reviewed, clear procedures for the application of law were established, and the legal status of documents adopted by the center was clarified. The tax residency program was also significantly improved; specific requirements regarding the use of this program, minimum investment criteria, inflow of funds, beneficial ownership, tax residency history, and sanctions were clearly defined.
While maintaining the principles of free capital movement and repatriation of earnings, these mechanisms were stipulated to work in coordination with the Central Bank. This not only creates conveniences for investors but also strengthens the necessary guarantees to ensure the country's financial stability. The powers of the Tashkent International Commercial Court were also reviewed by the joint agreement commission; the court's jurisdiction was clearly defined, and its powers were aimed at effectively resolving international commercial disputes, while ensuring consistency with the powers of the Constitutional Court.
The criteria for selecting judges were expanded to allow the involvement of highly qualified specialists with experience in international commercial law, arbitration, finance, bankruptcy, and digital assets. The powers of the Financial Services Department were detailedly improved based on the experience of international financial centers. Clear mechanisms for licensing, prudential supervision, corporate governance, protection of consumer interests, and monitoring compliance with legislation in the financial market were defined.
In conclusion, the legal mechanisms of the law were perfected, its consistency with current legislation was ensured, and its alignment with international standards was significantly strengthened. This law serves as an important legal basis to increase the country's investment attractiveness, develop the capital market, and introduce advanced financial technologies, paving the way to make Uzbekistan one of the leading international financial centers in Central Asia.
