President approved the Amendments to the Banks and Banking Activities Law. According to Norma, in line with the document, the minimum amount of the bank's authorized capital should be:
- from September 1, 2023 - 200 billion soums, or US$ 18 million;
- from April 1, 2024 - 350 billion soums, or US$ 31.5 million;
- from January 1, 2025 - 500 billion soums, or US$ 45 million.
At present, the threshold for authorized capital of a bank is 100 billion soums, or US$ 9 million.
Also, the founders and shareholders of the bank cannot be legal entities and individuals registered or residing in the state or territory, providing a preferential tax regime and (or) not providing for the disclosure of the identity of the ultimate beneficiary owner and the provision of information when conducting financial transactions (with the exception of legal entities and individuals persons who have acquired bank shares in foreign stock markets).
