Central Asia aims to create a unified digital space. Representatives of business and expert communities from Kazakhstan, Uzbekistan, the Kyrgyz Republic, Tajikistan and Turkmenistan have prepared a draft agreement on the mutual recognition of electronic signatures and documents, simplifying cross-border payments, and developing digital identification. It is also proposed to align approaches to personal data protection, cybersecurity, and artificial intelligence regulation. At the same time, there are no plans to establish a joint regulatory body. Each country will retain its own legislation and digital sovereignty. According to Otabek Nasirov, Chairman of the Central Asian Fintech Association, the draft agreement is expected to be submitted to the governments of the countries for consideration.
«We are not proposing to create any supranational body or introduce a single set of legislation for the five countries. This is not possible and could take a very long time. Moreover, each state has its own national interests and national security concerns. That is why this agreement is different. While respecting the jurisdictions of all five countries, we are proposing a different mechanism – a mechanism for compatibility. In other words, we are putting forward proposals that would allow the five states to reach an agreement without significant costs associated with changes to their legislation,» noted Otabek Nasirov, Chairman, Central Asian Fintech Association, Uzbekistan.
Experts note that creating a unified digital space in Central Asia will help attract more technology projects and investment. For foreign businesses, this would mean access to a major new market with a population of more than 80 million people. Analysts estimate that significant progress toward creating such a space is expected over the next three to four years.
Related Articles
