According to Nodirjon Jurayev, project coordinator at the Presidential Administration, the Tashkent International Financial Centre (TIFC) does not intend to establish its own separate stock exchange. Nevertheless, authorities are studying the possibility of the national and international exchanges operating within this center.
During a panel discussion at the Silk Road Finance and Technology Forum, Jurayev stated that the development of capital markets in TIFC remains under consideration. Among the possible options being examined is the inclusion of the domestic stock exchange and the potential permission for international venues to operate within the center's structure.
The legal status of TIFC was enshrined in a constitutional law signed by President Shavkat Mirziyoyev on July 10, 2026. This law establishes a special legal regime based on the legislation and judicial precedents of England and Wales, provided they do not contradict the Constitution of Uzbekistan. The center, located in the Tashkent city complex, is designed to attract investments, develop financial markets, expand the range of financial services, and stimulate fintech and digital asset ecosystems.
The regulatory framework provides for the creation of the Tashkent Financial Services Authority to license and regulate participants. Furthermore, the Tashkent International Commercial Court will handle disputes falling under the center's jurisdiction. TIFC participants will benefit from operational flexibility, including the ability to conduct foreign currency and crypto asset transactions on contract terms, employment of foreign specialists without work permits, issuance of special five-year visas for foreign personnel, and free capital repatriation.
A special tax and customs regime is established for participants of the center until January 1, 2076. Income derived from services rendered within the center is exempt from corporate and social taxes, with the exception of cryptocurrency exchange activities. Uzbek residents working in TIFC will pay a reduced personal income tax rate of 7 percent, while the salaries of foreign employees and stateless persons are exempt from personal income tax. Additional tax benefits apply to capital gains from participants' shares, listings on the official Tashkent Stock Exchange, dividends, interest income, financial services, and imported goods used in the center.