Financial Services Licensing in Uzbekistan

Banking Licence

Full banking licence issued by CBU. Minimum charter capital UZS 500 billion (Art. 13). Capital adequacy rules aligned with Basel II/III. State-owned banks remain dominant.

Payment Organisation Licence

Payment organisations and payment system operators — CBU licensed. NAPP licenses crypto-asset service providers. Bond Stone advises on both CBU and NAPP licensing pathways.

Microfinance

A microfinance organisation operates after entry on the CBU register; a microfinance bank needs a CBU banking licence. Acquiring 20% or more of a non-bank credit organisation needs CBU permission (Law No. ZRU-701, annex).

Insurance Licence

Insurers, reinsurers and insurance brokers — licensed by NAPP (Law No. ZRU-701, annex). Foreign insurers should confirm the permitted form of presence with the regulator.

Islamic Banking Licence

Law No. ZRU-1126 of 27 March 2026, in force three months after publication, amended the banking laws. The licence list now includes banks and microfinance banks carrying on Islamic banking, and a bank with a banking licence may apply for an Islamic banking licence. The amended Law on Banks and Banking Activity gives three routes: a bank or microfinance bank carrying on Islamic banking exclusively; a conventional bank adding an Islamic banking licence, which needs a shareholders' decision, an Islamic finance council, a dedicated unit and internal audit for Islamic finance (Art. 20-1); and conversion between microfinance organisation, microfinance bank and bank, including the exclusively Islamic forms (Arts. 75-2 to 75-5). Check the CBU's implementing rules before applying.

Capital Markets — NAPP

Securities brokers, investment advisers, stock exchange members — licensed by NAPP (Law No. ZRU-701, annex).