FINANCIAL SECURITY IN THE SECURITIES MARKET: RISK FACTORS, REGULATORY CHALLENGES, AND DIGITAL SOLUTIONS
DOI :
https://doi.org/10.5281/zenodo.18141646Résumé
Financial security in securities markets is a multifaceted concept, especially critical in emerging economies. This paper examines the case of Uzbekistan’s securities market to identify key financial risk factors, regulatory challenges, and the promise of digital solutions. We find that typical emerging-market risks – such as market volatility, currency fluctuations, low liquidity, and weak corporate governance – have historically constrained Uzbekistan’s capital market. Regulatory challenges, including limited institutional capacity, overlapping legislation, and enforcement gaps, further undermined market integrity. However, ongoing reforms are strengthening oversight and aligning laws with international standards. In parallel, digital innovations offer new tools to enhance financial security: fintech platforms and blockchain-based solutions are improving transparency, market access, and regulatory efficiency. Uzbekistan’s recent adoption of remote digital investor identification, a regulatory sandbox for fintech and security tokens, and other regtech initiatives demonstrates how digital transformation can bolster financial security and oversight. The paper concludes that while Uzbekistan’s experience underscores common challenges faced by emerging securities markets, it also highlights the potential of prudent regulation combined with digital innovation to mitigate risks and foster a more secure, resilient capital market.
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