The National agency of perspective projects of the Republic of Uzbekistan -
is a state institution responsible for regulation, licensing, and permitting procedures in the sphere of crypto-assets turnover, capital market, insurance, e-commerce, lotteries and gambling activities.
The National Agency of Perspective Projects of the Republic of Uzbekistan (hereinafter – the Agency) has approved the Regulation on the Procedure for Granting the Special Legal Regime “Regulatory Sandbox” in the Field of Investment Platforms (registration No. 3753 dated 12 January 2026).
This special legal regime has been introduced pursuant to Presidential Decree of the Republic of Uzbekistan No. PP-255 dated 21 August 2025, under which measures are being piloted to launch and develop investment platforms as a new segment of the financial market in order to create alternative investment mechanisms.
Investment platforms provide an opportunity to raise funds directly from investors, primarily for start-ups and small and medium-sized enterprises for which accessing the stock market is difficult or premature.
The permitted types of activities include investments in equity interests, partnerships, venture, unit-based and other project-based investment formats carried out through electronic platforms.
Unlike the stock market, investments made through platforms are not directly linked to the issuance and circulation of securities and do not require the involvement of investment intermediaries, listing procedures, or continuous disclosure in accordance with exchange standards.
The Regulation establishes the procedure for registering participants of the special legal regime, the conditions for their inclusion in the register of investment platform operators, as well as the grounds for their exclusion. Only legal entities that are residents of the Republic of Uzbekistan and that operate as investment platform operators may participate in the special legal regime.
An investment platform must constitute an integrated software, technical and organizational system that ensures:
transparency of investment offers and investment risks;
prevention of abuse and conflicts of interest;
electronic conclusion of investment contracts;
recording, safekeeping and confirmation of investors’ rights;
compliance with requirements applicable to the platform and its operator, information disclosure, investor protection, and AML/CFT legislation;
execution of settlements exclusively through nominee and/or escrow accounts;
disclosure of information and the building of trust between investors and project owners.
The introduction and subsequent expansion of investment platforms will create the legal foundations for the activation of investment activity in the Republic, providing additional impetus to:
diversification of financing sources for businesses, including small enterprises, start-ups and project companies;
expansion of participation by private investors, including individuals and non-residents, in investment activities on an organized and regulated basis;
introduction of digital channels for concluding investment contracts, recording rights, and conducting settlements using information technologies.
Subordinate structures
