In a significant stride toward embracing digital financial solutions, Uzbekistan’s National Agency for Perspective Projects (NAPP) has granted approval to private banks Kapital Bank and Ravnaq Bank to partake in the country’s digital sandbox for crypto regulation. These two banks have received the green light to introduce plastic crypto cards, enabled by the renowned payment system, Mastercard.
Recently, on August 14, the NAPP officially confirmed its authorization for Ravnaq Bank to join its pilot program, following the earlier endorsement given to Kapital Bank in May 2023. Dubbed as UzNEX, the Uzbeki crypto card is set to revolutionize financial services by seamlessly integrating bank accounts with access to crypto exchanges and automated trading mechanisms.
The collaboration with Mastercard ensures that UzNEX cardholders will have access to a robust and widely accepted payment infrastructure. Both Kapital Bank and Ravnaq Bank are working diligently to meet the December 2023 deadline for the full rollout of their respective crypto cards to customers. This pivotal step demonstrates their commitment to providing innovative solutions in the evolving financial landscape.
Uzbekistan’s progressive stance on digital assets took root with a presidential decree in 2022, culminating in the establishment of the NAPP to oversee the burgeoning digital assets industry. This regulatory approach has further led to the licensing of local cryptocurrency firms, marking a significant leap forward in legitimizing crypto services.
With the initiation of crypto-related operations under the digital sandbox, Uzbekistan has positioned itself as a forward-thinking player in the global fintech arena. As Kapital Bank and Ravnaq Bank pave the way for accessible and integrated crypto services, the nation takes yet another stride toward embracing the future of finance.