Tashkent, Uzbekistan (UzDaily.com) — Uzbekistan’s lower house of parliament has given final approval to a draft law aimed at strengthening oversight of payment systems and payment organizations, concluding both its second and third readings. The information was released by the press service of the Legislative Chamber of the Oliy Majlis.

The new legislation is designed to reinforce risk management in the field of electronic payments. As part of the initiative, amendments will be introduced to key regulatory documents, including the laws on the Central Bank, payment systems, joint-stock companies, and licensing procedures.

The adopted provisions require all participants in the payment market to establish effective risk management frameworks and adhere to minimum security standards set by the regulator. These measures are deemed necessary due to the increasing threats of financial fraud and cybercrime in the digital space.

The new regulations also introduce a classification system for payment organizations based on their business activities. In addition, lawmakers have established a new category for systemically important payment organizations, which will be subject to enhanced regulatory oversight.

The draft law will now be sent to the Senate for further review. If approved, it will require the president’s signature to take full legal effect.