On November 1, Shavkat Mirziyoyev signed the Payments and Payment Systems Bill into Law, which will take effect on February 1, 2020. The Law was developed in pursuance with the President’s Measures to Develop National Payment System Decree.
The Law introduces a number of standard requirements to 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, regulation e-money markets and identification of owners of e-money.
The Law will make develop e-payments and facilitate widespread introduction of innovative technologies, as well as ensuring the efficient, reliable and safe functioning of payment systems.
In connection with the adoption of this Law, the Electronic Payments Law shall become null and void.
