Uzbekistan: introduces a "regulatory sandbox" for investment platforms

President of Uzbekistan Shavkat Mirziyoyev has signed a decree on launching a special pilot regulatory regime for investment platforms. The so-called "regulatory sandbox" will start functioning on October 1, 2025 and will be valid for one calendar year, until October 1, 2026. This step is aimed at stimulating the development of the fintech ecosystem, digital tools for raising capital, and creating legal conditions for decentralized financing of entrepreneurial initiatives.

The National Agency for Advanced Projects is responsible for monitoring the operation of the sandbox and allowing investment platforms to participate in it. The innovation involves the participation of both residents and foreign individuals and legal entities. Investments will be made exclusively in projects implemented in the territory of Uzbekistan. This condition emphasizes the priority of national jurisdiction in the allocation of private capital.

According to the approved rules, investments will be recorded using an electronic investment agreement. Information about investments will be instantly displayed in the Unified State Register of Business Entities in online mode, without the need to provide additional documents.

The innovation mechanism also includes issuing digital certificates to investors on behalf of entrepreneurs who raise funds through platforms. Electronic certificates will become a legal confirmation of the fact of participation in the project. In addition, the parties will be able to formalize rights and obligations using smart contracts, providing automation of interaction conditions.

The new format assumes full compliance with the standards of legal protection of investors. The person attracting the investment is responsible for returning funds and achieving the target indicators. Platform operators do not have access to invested funds that cannot be pledged, subject to enforcement, or used for any other purpose other than for the implementation of declared projects. The only exception is a court decision.

The introduction of the "regulatory sandbox" is an important element of the digital transformation of the investment market in Uzbekistan. This initiative aims to create a flexible environment for testing new business models, protecting the interests of investors and at the same time not creating excessive regulatory barriers. It also opens the way to the formation of a transparent, digital investment infrastructure with the integration of smart solutions and enhanced legal registration of transactions.