Tashkent, Uzbekistan (UzDaily.com) -- In order to further develop the capital market, improve its infrastructure, stimulate the attraction of investors to the capital market, and simplify the procedure for the participation of foreign investors in the local stock market, large-scale reforms are being carried out in the Republic of Uzbekistan.

In pursuance of the tasks defined by the resolution of the President of the Republic of Uzbekistan from 2 September 2023 “On additional measures for the development of the capital market,” the National Agency for Prospective Projects developed and approved the Regulations on the procedure for providing a special legal regime “Regulatory Sandbox” in the field of the capital market.

The main goals and objectives of the implementation of the Special Legal Regime are testing advanced foreign practices aimed at facilitating access to the local capital market for foreign investors, developing legal mechanisms for introducing new forms and methods of attracting investments to the Republic of Uzbekistan.

For example, the Special Legal Regime provides an opportunity for foreign nominee holders to carry out their activities in the Republic of Uzbekistan without obtaining a separate license, creating a branch or a new legal entity, or without participating in the authorized capital of a local legal entity.

Along with this, they are also allowed to open accounts with the Central Bank of the Republic of Uzbekistan in foreign and national currency, securities accounts with the Central Securities Depository and in the depository system of Uzbek Republican Currency Exchange JSC.

Professional participants from 38 recognized foreign jurisdictions (USA, China, UK, Singapore, Japan, etc.) can become participants in the Special Legal Regime.

The adoption of these measures is aimed at accelerating the development of the national capital market, introducing best foreign practices and increasing the investment attractiveness of the country.