Following in the footsteps of Russia, Uzbekistan has announced plans to implement arbitration mechanisms to resolve disputes in the cryptocurrency space. A new presidential decree mandates the establishment of a body of arbitrators that will deal with cases involving entities from various jurisdictions.
Arbitrators to Resolve Disputes Under National and Foreign Law
Tashkent International Arbitration Center (TIAC) will operate under the Chamber of Commerce and Industry of Uzbekistan. According to the document signed by President Shavkat Mirziyoyev, the platform will be used to settle disagreements over investments, intellectual property and crypto-related technologies.
TIAC will abide by international arbitration standards as it will review disputes between not only local companies but also entities registered in other countries. It will apply domestic as well as foreign law, if the sides agree on that. According to a report by Gazeta.uz, both Uzbekistani citizens and qualified experts from abroad can be appointed as arbitrators.
The center will provide consultations to businesses, including foreign investors operating in the Central Asian country. The arbitration tribunal will also concentrate its efforts on preventing legal disputes, including in cases in which the state administration is involved.
TIAC’s rulings will be enforceable in the territory of Uzbekistan, in accordance with local laws governing arbitration proceedings and international treaties to which the country is a party. Arbitrators will be allowed to use mediation and other mechanisms to resolve disputes within the framework of the law.
According to Uzbekistani media, a supervisory board consisting of leading international experts will assist and monitor the implementation of global standards and practices by the arbitration center.