The new legislation introduces amendments to several existing laws, including those governing the Central Bank, payment systems, joint-stock companies, and licensing procedures. Key objectives include tightening the regulatory requirements for payment providers, mandating the introduction of advanced anti-fraud protocols, and implementing biometric identification systems. These safeguards are intended to combat the rising incidence of bank card theft and digital fraud across commercial banks and third-party payment organizations.
Beyond security enhancements, the reforms aim to promote healthy competition within the financial sector. By streamlining licensing and regulatory procedures, the government seeks to encourage greater participation by commercial banks in the payment services market while simplifying the operational landscape for existing providers.
In recent years, Uzbekistan has introduced reforms to expand digital financial services, reduce financial risks and strengthen consumer protection. The new law is expected to further improve security in the payments market and create a more favorable environment for service providers.
