EY (Ernst & Young) and IT Park Uzbekistan have signed an agreement to create a regulatory sandbox in Uzbekistan. The project is aimed to develop, implement, and support a special legal regime that will be integrated into the activities of the International Digital Technology Center "Enterprise Uzbekistan." This initiative is aimed at increasing the export potential of information technology and attracting investments to the country.
Regulatory sandbox is a controlled environment where companies can test innovative products and services under the supervision of regulators, avoiding the full rigor of normal regulatory requirements. In this environment, government agencies and companies developing new products can conduct testing without the risk of breaching legislation, thereby enabling successful product deployment in the market.
As per the agreement, EY will review international experience in regulatory sandboxes, analyze external constraints, barriers, and influencing factors, and develop elements of the regulatory sandbox tailored to the specifics of the Uzbek market.
The document was signed by Farhod Ibrahimov, Director of IT Park Uzbekistan, and Ruta Makareviciute, Partner and Head of Consulting Practice at EY Uzbekistan.
