Kapital Bank and Ravnaq Bank’s Milestone Approval
In a landmark decision, two trailblazing private banks in Uzbekistan, Kapital Bank and Ravnaq Bank, have been granted permission from the National Agency for Perspective Projects (NAPP) to participate in the nation’s evolving digital sandbox of crypto regulation.
Introducing the UzNEX Crypto Card
The forthcoming crypto card, named UzNEX, seeks to bridge the divide between traditional banking and the digital crypto sphere. Notably, it will integrate a regular bank account with the added functionalities of direct access to a crypto exchange and an automated exchange mechanism. Backed by the renowned global payment giant Mastercard, users can expect both trust and innovation.
Timeline for Release
According to the latest updates, customers can anticipate the full release of these groundbreaking crypto cards by the close of December 2023. To date, Kapital Bank and Ravnaq Bank are two of the three participants that have registered in the country’s progressive digital sandbox.
Uzbekistan’s Stance on Crypto Services
Post 2023, the Uzbekistani government has maintained a firm grip on the crypto services arena, solely permitting licensed cryptocurrency firms to function. The gates for these licenses were first thrown open in November 2022. Prior to this decision, the country had taken stringent measures against prominent international crypto exchanges like Binance, FTX, and Huobi due to allegations surrounding unlicensed activities.
NAPP’s Role in Uzbekistan’s Crypto Journey
Uzbekistan’s strategic direction in the crypto domain was forged by a significant presidential decree back in 2022. This decree was the birthing point for the NAPP, giving it the responsibility to supervise the blossoming digital assets industry. Additionally, the decree laid down an exhaustive legal framework governing cryptocurrency mining operations within the country.
This new venture signifies not just the growing embrace of cryptocurrency in Uzbekistan but also how traditional banking sectors worldwide are integrating with the evolving digital landscape.
