Kapital Bank and Ravnaq Bank Approved for Uzbekistan’s Crypto Regulation Sandbox

Kapital Bank and Ravnaq Bank, two private banks in Uzbekistan, have received approval from the National Agency for Perspective Projects (NAPP) to join the digital sandbox of crypto regulation.

These banks will introduce plastic crypto cards powered by Mastercard. On August 14, the NAPP announced that it granted participation in its pilot to Ravnaq Bank, and earlier, in May 2023, it confirmed the approval for Kapital Bank to issue its crypto card. The Uzbeki crypto card, named UzNEX, will combine a bank account with access to a crypto exchange and automated exchange mechanism, with support from Mastercard.

Both banks aim to roll out their crypto cards by the end of December 2023. In November 2022, the Uzbekistan government granted licenses to local crypto firms as part of its effort to regulate crypto services, and they established the NAPP in the same year to oversee the digital assets industry in the country.

Clever Robot News Desk 18^th August 2023