***the original text of the draft decree is available via this link***
The draft decree nominates the Ministry of Finance of Uzbekistan to replace the Agency for Capital Market Development that was previously authorized to work on the legalization of sports betting. This means that the responsibility to continue the work on the legalization and regulation of the sports betting business in the country will be transferred to the Ministry of Finance of Uzbekistan.
In light of the above, the alleged new gambling regulator — Ministry of Finance — will gain the following functions (that previously belonged to the Agency for Capital Market Development):
- Collaborate with other Ministries in drafting the laws aimed to regulate sports betting;
- Draft amendments to other legislative acts that relate to sports betting;
- Issue licenses for sportsbook operators.
We view the process of finalization of one of the steps in the process of adoption of the decree as a net positive, as it leads us to believe the sports betting market is getting closer to its launch in Central Asia.
4H Agency continues to closely monitor the situation and will keep you posted as more updates are expected to arrive soon.