Uzbekistani authorities will create an international arbitration center under the Chamber of Commerce and Industry of Uzbekistan for local and foreign companies. The center will serve for settling disputes related to investments, intellectual property and blockchain technology. It is expected that foreign laws would be applicable in settling matters by agreement between the parties to the cases.
President of Uzbekistan Shavkat Mirziyoyev signed a decree to create the international Trade and Industry Arbitration Center (TIAC) under the Chamber of Commerce and Industry of Uzbekistan, as reported by local media outlets.
The center will provide a platform for settling disputes between companies from all over the world in accordance with the international arbitration standards. The organization will also serve as a mediator in averting disputes related to investments.
It is anticipated that the center will employ both Uzbekistani residents and foreign specialists as arbitrators.
The Chamber of Commerce and Industry is expected to draft the regulatory law “On international commercial arbitration” within a month.
Uzbekistan has been progressively establishing a legal framework for the crypto industry. July 2018 saw the country’s president signing a decree on legalizing cryptocurrency, blockchain and crypto mining in the country, whereas in September Uzbekistani authorities also legalized cryptocurrency exchanges and trading.