The President of the Republic of Uzbekistan on August 21, 2025 signed Resolution No. PQ-255, “On measures to regulate investment activities carried out using modern information technologies”. The document aims to form the legal framework for investment activities, create effective control mechanisms, ensure the protection of investor rights, and create additional opportunities for business financing.

Main Goals and Objectives

The primary goal of the Resolution is to legally regulate the growing practice of attracting funds from the public for investment projects. Key objectives include ensuring the reliable protection of the rights and interests of citizens, as well as introducing transparent and dependable mechanisms for conducting investment activities using modern information technologies.

Special Legal Regime: The “Regulatory Sandbox”

From October 1, 2025, to October 1, 2026, a special legal regime known as the “Regulatory Sandbox” will be introduced. Within this framework, the use of investment platforms will be permitted in the following areas:

• The placement and purchase of securities.

• The financing of venture and mutual funds.

• Making contributions to limited partnerships.

Mechanism of Investment Platforms

The following procedures are established within the special legal regime:

• For Investment Seekers: Business entities that are legal persons have the right to post their projects requiring investment, as well as proposals for participation in their business activities through share ownership, on investment platforms.

• For Investors: Investors have the right to select and invest funds in projects announced on investment platforms, thereby carrying out investment activities and earning profits.

• Project Management: Projects implemented through investment platforms may also be managed by investment and management companies.

Investments made through a platform will be confirmed by digital electronic certificates, which are provided by the investment platform on behalf of the entity attracting the investment.

Requirements for Operators and Investment Seekers

Strict requirements are set for investment platform operators:

• They must have the status of a resident legal entity.

• They must be included in a special electronic register maintained by the authorized state body.

• They must carry out their activities in accordance with the rules determined by the authorized state body.

• They must maintain a register of contracts formalized through the investment platform.

Entities seeking investment are required to post the following on the platform along with their project or proposal:

• An audit report confirming the absence of signs of insolvency and compliance with tax and accounting legislation during the past financial year.

• Information on the procedure for implementing the investment project, participating in its management, and withdrawing the investment; information on where the invested funds will be directed and what property the investor will directly or indirectly acquire; and information regarding the investor’s rights, obligations, and risks.

Investor Protection and Legal Guarantees

The Resolution introduces several measures to protect investor rights:

• Protection of Funds: Funds invested by investors through the platform are not considered collateral, cannot be used for other purposes, and cannot be collected by platform operators or third parties, except in cases based on a court decision.

• Responsibility: Full responsibility for the return and profitability of the investments is placed on the entity attracting the investments.

• Universal Access: Both individuals and legal entities, including non-residents, are permitted to invest through the platforms.

• Territorial Limitation: Attracted funds may only be directed to investment projects implemented within the territory of the Republic of Uzbekistan.

• Legal Status of Investors: Investors who have acquired a share or contribution will have the rights and obligations stipulated by the laws “On Joint-Stock Companies and Protection of Shareholders’ Rights,” “On Business Partnerships,” and other legislative acts.

• “Smart Contracts”: The establishment, modification, and termination of the rights and obligations of participants may be carried out with the help of “smart contracts”.

State Regulation and Control

The National Agency for Perspective Projects has been designated as the authorized state body for regulating the activities of platform operators. Its responsibilities include:

• Authorizing the activities of platform operators and defining their operating procedures.

• Maintaining electronic registers of investment platforms and platform operators.

• Supervising the activities of investment platforms and their operators.

Integration and Execution

Investment agreements will be concluded in electronic form. Based on data from the investment platforms, corresponding entries will be made in the Unified State Register of Business Entities in real-time without requiring additional documents.

The National Agency for Perspective Projects is tasked with approving the necessary operating procedures by October 1, 2025. Furthermore, by January 1, 2027, based on the results achieved within the special legal regime, it must submit proposals to the Cabinet of Ministers regarding the implementation of investment platforms, taking into account foreign experience.