Two personal banks in Uzbekistan — Kapital Bank and Ravnaq Bank — acquired approval from the National Agency for Perspective Projects (NAPP) to take part within the digital sandbox of crypto regulation. The banks will issue plastic crypto cards powered by Mastercard.
On August 14, the NAPP reported the approval for Ravnaq Bank to take part in its pilot. Earlier, in May 2023, the Agency confirmed that Kapital Bank would issue its crypto card as effectively.
According to the discharge, the Uzbeki crypto card can be known as UzNEX, which can combine a checking account with entry to a crypto change and automatic change mechanism. The card can be supported by one of many world’s main fee programs, Mastercard.
The present deadline for closing buyer rollouts of each banks’ crypto cards is the top of December 2023. Kapital Bank and Ravnaq remain two of the three registered individuals within the nationwide digital sandbox.
From 2023, the federal government of Uzbekistan has restricted the supply of crypto companies to licensed cryptocurrency companies. The first licenses were granted to native crypto companies in November 2022. Before that, Uzbekistan restricted entry to a number of large international crypto exchanges, together with Binance, FTX and Huobi, due to accusations of unlicensed exercise.
The nation’s regulatory approach to crypto was initiated by a presidential decree in 2022 when the NAPP was launched to oversee the digital belongings business. The decree additionally offered complete authorized particulars associated to cryptocurrency mining operations in Uzbekistan.