The National Agency for Perspective Projects (NAPP) approved two banks- Kapital Bank and Ravnaq Bank, to participate in the digital sandbox of crypto regulation.
On August 14, the NAPP announced that the Ravnaq Bank had been granted permission to take part in its pilot. The agency has already permitted Kapital Bank to issue crypto cards in May 2023.
Both banks will issue plastic crypto cards supported by Mastercard, which will be named UzNEX. Bank accounts will be integrated into UzNEX, along with access to a cryptocurrency exchange and an automated exchange mechanism.
Both banks will rollout crypto cards by the end of December 2023. Three participants registered in the national digital sandbox of crypto regulation; two of them are Kapital Bank and Ravnaq Bank.
Since the start of this year, the government of Uzbekistan has stopped providing crypto exchange services to licensed cryptocurrency firms. Uzbekistan has restricted Binanace, FTX, and Huobi citing unlicensed crypto exchanges.
For more latest news Subscribe to The Crypto Times Newsletter.
