President of the Republic of Uzbekistan Shavkat Mirziyoyev on 1 November 2019 signed a law of the Republic of Uzbekistan “On Payments and Payment Systems”. The law will enter into force on 1 February 2020.
The new Law introduces a number of standards to the requirements of payment systems in general and their components:
the procedure for supervision and monitoring of payment systems;
licensing of payment system operators and payment organizations, regulation of their activities;
requirements for ensuring security and protection of information in payment systems;
market regulation electronic money and identification of owners of electronic money.
The adoption of this Law provides an opportunity for the smooth execution of payments and the widespread introduction of innovative technologies, as well as ensuring the efficient, reliable and safe functioning of payment systems.