Article 17. Monetary Obligations of TIFC Participants and Currency Regulation

1. Monetary obligations of TIFC Participants may be denominated and executed in the foreign currencies agreed in their contracts, including digital assets, to the extent permitted by TIFC Acts and applicable TFSA rules.

2. The monetary obligations of Stock Exchange trading participants are to be denominated and executed in a currency specified by the Stock Exchange rules.

3. The terms of, and procedures for, currency transactions related to the provision of financial and professional services in the territory of the TIFC are to be regulated by TIFC Acts.

4. Except as otherwise provided by TIFC Acts developed in consultation with the Central Bank, the requirements of general currency legislation of the Republic of Uzbekistan relating to registration of currency contracts, registration or notification of capital flow transactions, opening or maintaining foreign bank accounts, and notification of currency transactions shall not apply to currency transactions conducted by TIFC Participants within the jurisdiction of the TIFC.

5. TIFC Acts developed in consultation with the Central Bank shall establish simplified reporting, information exchange and supervisory mechanisms to ensure that the Central Bank receives from the TFSA the information necessary for balance of payments, financial stability, AML/CFT, counter-proliferation financing and macroeconomic monitoring purposes.

6. The requirements for the reporting of information, and the procedure for its provision, by banks and other organisations conducting certain types of banking operations in the Republic of Uzbekistan that conduct currency transactions on behalf of TIFC Participants, are determined by the TFSA in accordance with the TIFC Acts adopted after consultation with the Central Bank of the Republic of Uzbekistan.

7. TIFC Acts adopted in consultation with the Central Bank of the Republic of Uzbekistan shall impose requirements on TIFC Participants in relation to the (i) provision of information about currency transactions as well as the procedure for the transfer of information between TIFC Bodies and the Central Bank of the Republic of Uzbekistan and (ii) provision of financial services between TIFC Participants and persons resident in the Republic of Uzbekistan outside the TIFC, including but not limited to rules on TIFC Participantsʼ accepting deposits in the Republic of Uzbekistanʼs national currency, conduct of business, consumer protection and reporting.