Uzbekistan continues its ventures into the cryptocurrency world.
Opening its doors to digital finance transformation, Uzbekistan's National Agency for Perspective Projects (NAPP) has sanctioned two prominent private banks to step into the crypto regulatory sandbox.
Kapital Bank and Ravnaq Bank are the chosen entities slated to usher in an era of crypto cards in collaboration with the global payments giant Mastercard.
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In May 2023, the green light was given to Kapital Bank, followed by Ravnaq Bank's approval in mid-August.
As detailed in official statements, these banks are on the verge of unveiling their innovative product named "UzNEX." This particular card promises a seamless blend of conventional banking and cryptocurrency, featuring integrated crypto exchange accessibility and a built-in automatic exchange mechanism.
Both banks are working towards their common goal: introducing the UzNEX card to their clientele by the end of December 2023. With this development, Kapital and Ravnaq solidify their stance as two of the three participants in Uzbekistan's national digital financial experimentation.
Recently, Uzbekistan's administration set clear boundaries, stipulating that only accredited cryptocurrency establishments could offer digital services.
This regulatory shift was underpinned when the first batch of crypto licenses was handed out to native firms a year earlier, in November 2022. It is worth noting that authorities in Uzbekistan were clamping down on renowned international crypto platforms like Binance, FTX, and Huobi, citing regulatory violations.
Uzbekistan's financial landscape is set for invigorating growth as traditional banking and crypto services prepare to connect, promising citizens a harmonious blend of the old and the new.
