Legislative Chamber approves draft law on Tashkent International Financial Center in first reading

The draft law outlines the institutional framework of the center, defining the roles of the TIFC administration, the Financial Services Authority, and the Tashkent International Commercial Court. Lawmakers noted that the development of the center draws heavily on successful international models, including the Singapore International Financial Centre, the Dubai International Financial Centre (DIFC), and the Astana International Financial Centre (AIFC).

Specialized legal and judicial regimes

A key feature of the TIFC is the introduction of an independent legal environment. The Financial Services Authority will be empowered to handle licensing, oversight, and regulatory enforcement. Meanwhile, the Tashkent International Commercial Court will provide a specialized venue for resolving disputes between center participants, ensuring judicial independence and stability for international investors.

Implementation of the TIFC requires significant amendments to the Constitution. Proposed changes to Article 15 would formally allow for special legal regimes on specific territories while maintaining the nation's unified legal space. Additionally, modifications to Articles 131 and 134 are planned to authorize the creation of specialized courts with their own jurisdiction and procedural rules within these zones.

Incentives for participants and ongoing improvements

To remain competitive, the TIFC will offer a range of privileges to its members. Participants will have the right to conduct settlements in foreign currencies and hire international experts under simplified procedures, including the issuance of special visas valid for up to 5 years. Tax and customs benefits are also integrated into the center’s operational model.

During the parliamentary session, deputies emphasized the need for further refinements to the bill. Suggestions focused on strengthening investor protection mechanisms, clarifying financial security guarantees, and better coordinating the center’s impact on the broader national economy. The bill will now undergo further revisions before moving toward subsequent readings.