The President Mirziyoyev signed a decree on November 27 designating the Central Bank as a body responsible for developing fintech.

According to the decree, the Central Bank will be responsible for ensuring a balance between supporting innovation and ensuring key macroeconomic priorities—the stability of the banking system, the smooth operation of payment systems, and price stability.

The Central Bank shall also become driver of technological leap in financial sector and facilitating the creation of an effective competitive environment for all market participants.

The Bank shall also focus on application of regulatory measures when implementing fintech solutions. These measures should be aimed at mitigating the risks arising from technological innovation while maintaining conditions for their development.

Furthermore, the Central Bank will make decisions based on complete and reliable information, ensure the protection of individuals' rights when providing financial technology services, and support startups operating in the fintech ecosystem.

It shall also become a key driver of innovation in the financial sector and will be in charge of creating a competitive environment for market participants.

The Central Bank will also receive regulatory powers over the implementation and development of financial technologies, guaranteeing citizens' rights in the provision of fintech services, and supporting startups.

These objectives should also be included in the Central Bank Law.

The Decree has also set up a Republican Commission for Development of Financial Technologies, chaired by Central Bank Governor Timur Ishmetov.

The commission's responsibilities are:

• defining strategic areas for development of financial technologies;
• discussing problems in the sector and taking measures to address them;
• coordinating the activities of government agencies, financial organizations, and the private sector in financial technologies;
• preparing proposals to improve legislation on the widespread adoption of financial services successfully tested in the Central Bank's "regulatory sandbox" in financial technologies;
• studying factors hindering the development of financial technologies, including tariffs of commercial banks and payment organizations, and taking appropriate measures to optimize them.

The regulator has been given directives to develop a fintech development strategy for 2026-2030, with the involvement of foreign consultants.

The Central Bank will also work on the implementation of the issuance and circulation of tokenized shares and bonds, including adopting procedures and conducting an assessment of the information system's compliance with cybersecurity requirements.

A roadmap for an experimental use of the Central Bank's digital currency as a means of payment is planned to be approved by April. Special legal regulations for the stable circulation of tokens as a payment instrument are to be implemented by February.

An IT strategy for the digitalization of the Central Bank's operations is also to be prepared by April. By May, the requirements for the regulatory sandbox are to be simplified, as well as the creation of technological and thematic sandboxes for the implementation of innovations by startups and technology companies.

The document envisages the creation of a $50 million venture fund under the regulator, which will be transferred to a foreign company for trust management by July 1, as well as the formation of an innovation hub.

In December, the Central Bank will implement a pilot project to implement payment standards via a single QR code.