The Regulations governing the remote digital identification process for clients in Uzbekistan's securities market have been officially endorsed, NAPP reported on April 26.
Uzbekistan is taking significant strides in advancing its capital market and fostering a conducive environment for investors with the recent approval of resolution by the Cabinet of Ministers. This resolution sanctions the Regulations on the procedure for remote digital identification of securities market clients, a move poised to revolutionize the investment landscape in the country.
Remote digital identification entails the verification and authentication of clients' identities by investment intermediaries, leveraging information provided by clients or real-time data from intermediary systems, thereby mitigating human error. This modernization initiative marks a significant departure from traditional identification methods, ushering in a new era of efficiency and convenience.
By adopting this procedure, Uzbekistan aligns itself with global standards prevalent in countries with robust capital markets like the USA, Germany, Great Britain, the Republic of Korea, and others. The implementation of remote digital identification in the securities market mirrors existing practices in the banking sector, where similar mechanisms are already in place.
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