Uzbekistan To Protect Payment Systems From Cybercrime

In Uzbekistan, payment systems and organizations will be protected from cybercrimes. All operators of payment systems and services will be required to implement a risk management system, nova24.uz reports.

The bill on the regulation of payment systems and payment organizations has passed the Legislative Chamber, according to the press service of the lower house of the Oliy Majlis.

According to the information, deputies adopted the draft law on improving risk management in the field of cashless payments in the first and second readings, which includes amendments and additions to the laws "On the Central Bank," "On Payments and Payment Systems," "On Joint Stock Companies and Protection of Shareholder Rights," and "On Licensing, Permitting, and Notification Procedures."

Specifically, the project stipulates that all operators of payment systems and services will implement a risk management system and ensure compliance with the minimum requirements set by the Central Bank. It is noted that these measures are related to the growing risks of fraud and other types of cybercrime.

Authorities plan to categorize payment organizations based on their scope of activity. The concept of a significant payment organization will also be introduced. Before coming into force, the document must be approved by the Senate and signed by the President. Read 'Zamin' on Telegram!