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Insights May 2022

Uzbekistan liberalizes regulatory framework for mining of crypto-assets

On 27 April 2022, the President of Uzbekistan signed decree No. UP-121 (the “Decree”), which (i) reorganized the National Agency for Project Management into the National Agency of Perspective Projects (the “Agency”) and authorizing it to regulate circulation of crypto-assets in Uzbekistan (covering issuance, registration, and circulation of crypto-assets by residents of Uzbekistan), and (ii) established a special regulatory regime in the sphere of crypto-asset circulation. According to the Decree, only legal entities are entitled to engage in mining[1] of crypto-assets[2] in Uzbekistan, following compulsory e-registration with the Agency. Mining of crypto-assets does not require obtaining a license. The Decree

Insights April 2022

Data Privacy Concerns in the Metaverse. May the privacy be with us!

All of us have concerns regarding data privacy in the metaverse. Countless questions come to mind, such as: What is the metaverse? Can a digital personality be considered as personal data? What happens if digital data is processed? In this short article we touch on the metaverse’s main data privacy concerns.  What is the metaverse? The metaverse is a virtual world that relies on multiple technologies such as virtual reality, blockchain, artificial intelligence, etc. There is no longer just one world like the real world anymore. A new virtual-world era has begun with the advent of different metaverses such as Horizon, Decentraland, Sandbox, and Upland, and it appears that their number will continue to increase.

Insights January 2022

Uzbekistan reinforces legal framework for privatization of land

On 15 November 2021, the President of Uzbekistan signed the law No.ЗРУ-728 “[on] privatization of non-agricultural land plots”, which entered into force on 16 November 2021 (the “Law”) and which abolished the earlier adopted law No.ЗРУ-552 dated 13 August 2019. The Law covers privatization of land plots (the “Land Plots”) that are not allocated for agricultural needs and not intended for these purposes.   In addition to vacant Land Plots, the Law stipulates that the following types of Land Plots can be privatized: Land Plots provided to legal entities for entrepreneurial and urban development activities; Land Plots provided to citizens of the Republic of Uzbekistan for individual

Deals November 2021

Kinstellar advises the joint-lead managers on the USD 700 million debut Eurobond of Uzbekneftegaz

Kinstellar is pleased to announce that our team in Taskent has advised the joint-lead managers—Bank GPB, Citi, J.P. Morgan and MUFG—on the debut USD-denominated Eurobond, with a tenor of seven years, of the Uzbek state-owned oil and gas producer Uzbekneftegaz. The proceeds will be used by Uzbekneftegaz to refinance existing indebtedness and for several proposed large-scale investment projects in the country. The Kinstellar team was led by Joel Benjamin (Partner) and Muborak Kambarova (Counsel), with assistance of Associates Iroda Sadikova, Kamilla Ubaydullaeva and Legal Assistant Sabina Sharipova.

Insights November 2021

Spotlight on Uzbekistan: Kinstellar’s regular look at the Uzbek market - November 2021

This issue covers the following topics:  Uzbekistan sets to improve contracting processes Uzbekistan takes further steps to accelerate geological exploration Uzbekistan sets to improve contracting processes On September 14, 2021, the President of Uzbekistan signed the Decree No. УП-6313 “[o]n fundamental improvements in contractual relations” (the “Decree”). According to the Decree: 1. Starting from 1 December 2021, certain matters will be released from regulatory control allowing parties freedom of contract, as the Decree abolished: the previous ban imposed on commercial banks restricting processing of payments for delivered goods, works, and services

News October 2021

Kinstellar strengthens its team in Uzbekistan with the appointment of Sherzod Yunusov as Partner

Kinstellar is delighted to announce that Sherzod Yunusov has joined the firm’s Tashkent office as Partner. His joining the firm bolsters our team’s capabilities in Uzbekistan and particularly our expertise in the energy and infrastructure sectors and project finance. Sherzod Yunusov has expertise and an established track record handling a wide array of matters related to oil and gas transactions (including exploration and gas production; production sharing agreements; development of fields; design and construction of infrastructure projects; gas transportation and processing; plant operation; sales of gas; and project finance), renewables (solar and wind), and infrastructure projects. He also advises on restructurings

Insights March 2021

Spotlight on Uzbekistan: Kinstellar’s regular look at the Uzbek market - February 2021

Spotlight on Uzbekistan: Kinstellar’s regular look at the Uzbek market The Law "On International Commercial Arbitration" has been adopted On 16 February 2021, President Shavkat Mirziyoyev signed the Law of Uzbekistan “On International Commercial Arbitration” (the “Law”), which will come into force from 16 August 2021. The Law is based on the UNCITRAL Model Law “On International Commercial Arbitration” and sets out the form and mechanism for concluding arbitration clauses and arbitration agreements. The Law also addresses a number of other issues, such as the composition of arbitral tribunals, the procedure for the election and appointment of arbitrators, and the grounds for a challenge against

Insights February 2021

Spotlight on Uzbekistan: Kinstellar’s regular look at the Uzbek market - January 2021

Spotlight on Uzbekistan: Kinstellar’s regular look at the Uzbek market. New Amendments to the Law of Uzbekistan “On Public-Private Partnership” and “On Currency Control” On 22 January 2021, the Law of Uzbekistan No ZRU-669 came into force incorporating amendments to the Laws of Uzbekistan “On-Public-Private Partnership” and “On Currency Control”. Pursuant to the amendment made to the Law of Uzbekistan “On Currency Control”, for goods sold and services rendered on the territory of Uzbekistan, the pegging of prices to foreign currencies can be allowed in the following cases: if the the goods are sold and services rendered for projects carried out based on foreign investment

Insights December 2020

Spotlight on Uzbekistan: Kinstellar’s regular look at the Uzbek market - December 2020

Spotlight on Uzbekistan: Kinstellar’s regular look at the Uzbek market New amendments to the Law of Uzbekistan “On Public-Private Partnership” On 19 December 2020, the tenth plenary session of the Senate of the Oliy Majlis of the Republic of Uzbekistan took place in Tashkent. Over the course of the plenary session, the senators discussed proposed new amendments to the Law of Uzbekistan "On Public-Private Partnership". The amendments concern the introduction of new concepts such as "concession", "project of public-private partnership", and "applicant" and their respective definitions. The amendments also provide for the strengthening of the rights of private partners. In particular, it is established

Deals November 2020

Kinstellar advises the joint lead managers on the USD 300 million debut Eurobond offering by JSC National Bank for Foreign Economic Activity of the Republic of Uzbekistan (NBU)

Kinstellar has successfully advised the joint lead managers on the issue of USD 300 million 5.5%  senior unsecured notes due in 2025 listed on the London Stock Exchange by JSC National Bank for Foreign Economic Activity of the Republic of Uzbekistan (NBU), Uzbekistan's largest bank by assets. State-owned NBU thus became the second Uzbek bank to tap the Eurobond market after Uzpromstroybank, another state-owned lender, sold a USD 300 million bond in November 2019. Kinstellar’s Tashkent team also advised on Uzpromstroybank’s debut bond offering. The Kinstellar team was led by Joel Benjamin (Managing Partner) and Muborak Kambarova (Counsel) and included Salimjon Yusupov (Junior Associate). International

Deals June 2020

Kinstellar advises Catara Consulting Europe on the USD 50 million Loan Participation Notes of Uzbek Industrial and Construction Bank

Kinstellar has advised Catara Consulting Europe on matters of Uzbek law in relation to the structuring of the USD 50 million 3-year local currency unsecured Loan Participation Notes of the Joint-Stock Commercial Bank “Uzbek Industrial and Construction Bank” (PSB). This is the second international debt placement for UzPSB following its debut USD 300 million Eurobond issue on the London Stock Exchange in late 2019. Despite the turbulence on global financial markets, UzPSB’s landmark transaction is evidence of international investor appetite for good-quality credits in Uzbekistan. This transaction was structured as a privately placed loan participation note with a Dutch finance vehicle, which funded the loan to UzPSB.

Insights May 2020

Spotlight on Uzbekistan: Kinstellar’s regular look at the Uzbek market

Spotlight on Uzbekistan: Kinstellar’s regular look at the Uzbek market Decree of the cabinet of ministers “on amendments to the decree of the cabinet of ministers no. 180 dated 2 august 2020 “on additional measures to improve attraction of direct foreign investment” The Decree amended one of the key legislative acts that regulated the procedure for conclusion of investment agreements between the Government and foreign investors. Under the amended version, investment agreements concluded with regional authorities in projects with a share of foreign investment not exceeding 10 million USD no longer qualify for the conclusion of a separate investment agreement with the Government of Uzbekistan.