Uzbekistan is taking a major step toward positioning itself as a regional financial hub through the creation of the Tashkent International Financial Centre (TIFC), introducing a special legal and regulatory framework aligned with international financial standards.

The initiative is designed to transform Tashkent into a platform for global capital flows, financial services, and investment structuring.

Strategic objectives: building a regional financial hub

 

The establishment of the Centre reflects a broader strategy to:

• accelerate GDP growth through financial sector development;
• attract long-term foreign direct and portfolio investment;
• improve the country’s investment profile and credit ratings;
• develop human capital in finance, law, and technology;
• integrate Uzbekistan into the global financial system.

The model closely follows leading international financial centres, combining legal innovation with investment incentives.

Creation of a special legal regime

 

A cornerstone of the reform is the introduction of a special legal regime within the Centre.

Under this regime:

• the Centre’s governing bodies are empowered to adopt regulations across key areas, including: civil and corporate law; financial and banking regulation; taxation; public procurement; labour law; data protection.

This effectively creates a self-contained legal ecosystem within Uzbekistan.

Application of English law and international standards

 

One of the most significant features is the direct application of:

• English common law (England and Wales);
• principles of equity.

This places the Centre in line with jurisdictions such as DIFC and AIFC, providing:

• legal certainty for international investors;
• familiarity for global financial institutions;
• predictability in dispute resolution and contract enforcement.

The Centre is also empowered to adopt international best practices and standards from other global financial hubs.

Tashkent International Commercial Court

 

The framework предусматривает establishment of a Tashkent International Commercial Court within the Centre.

Key features include:

• jurisdiction over disputes related to the Centre’s activities;
• ability to hear cases involving foreign investors and international contracts;
• recognition of arbitration and cross-border disputes;
• a two-tier structure (first instance and appellate level).

This introduces an alternative dispute resolution ecosystem aligned with international expectations.

Scope of permitted activities

 

The Centre will host a wide range of financial and professional services, including:

• banking, investment, and insurance services;
• capital markets and securities transactions;
• fintech and digital (including crypto) assets;
• payment systems;
• Islamic and green finance;
• legal, audit, and consulting services.

This positions the Centre as a multi-functional financial services hub.

Investor and operational incentives

 

The special regime includes significant operational advantages:

• ability to transact in foreign currencies, including crypto-assets;
• free repatriation of capital and profits;
• simplified hiring of foreign personnel;
• introduction of special visa regimes (up to 5 years);
• application of tax incentives within the Centre.

These measures are designed to attract international institutions and talent.

Governance and institutional setup

 

The Centre will operate through a dedicated governance structure, including:

• a governing council;
• specialized regulatory and administrative bodies;
• defined territorial jurisdiction within Tashkent.

In addition, the Centre will be supported by public funding and institutional backing at the national level.

Implications

 

The creation of the TIFC represents a structural shift in Uzbekistan’s legal and financial landscape.

Key implications include:

• emergence of a parallel legal regime based on common law;
• creation of a new dispute resolution forum for international investors;
• increased attractiveness for financial institutions and investment funds;
• development of Uzbekistan as a regional financial services platform.

The Tashkent International Financial Centre has the potential to become a cornerstone of Uzbekistan’s economic transformation, bridging domestic reforms with global financial markets.

If effectively implemented, it may position Uzbekistan alongside leading emerging financial hubs in Eurasia.