Tashkent, Uzbekistan (UzDaily.com) — During the session of the Legislative Chamber of the Oliy Majlis, a draft law was adopted, introduced by the Government, which includes legal provisions aimed at regulating the capital market and insurance, e-commerce, as well as the organization and conduct of lotteries and gambling activities based on risk.

In recent years, the development of digital technologies has created a foundation for the widespread distribution of online games based on risk and betting activities. However, the lack of legal regulatory mechanisms has led to an increase in the number of citizens excessively engaging in such games.

This situation highlighted the need for measures to protect the rights of participants, prevent possible fraudulent activities, and stop the illegal outflow of currency from the country.

The draft law defines the authorized body responsible for regulating the activities of the Central Securities Depository, promoting corporate governance, regulating insurance organizations, licensing, and managing permit procedures.

According to the deputies, the adoption of the draft law will contribute to the liberalization of liability for tax violations, the reduction of administrative barriers, and the channeling of entrepreneurs’ working capital into business development.

The draft law was approved by deputies in the first reading.