The Uzbekistani government has granted approval to two private banks, Kapital Bank and Ravnaq Bank, participating in its Special Regulatory Sandbox Regime for crypto assets, to issue crypto cards.
These cards, named UzNEX, will be integrated directly with the customer’s bank accounts and crypto wallets on partner exchanges, thus, allowing seamless payment settlements with crypto assets.
The National Agency for Perspective Projects (NAPP) confirmed Ravnaq Bank’s participation in the sandbox on August 14, 2023, via a press release on its website. The agency had earlier announced Kapital Bank’s approval in May 2023.
Both banks are expected to roll out their crypto card offerings to customers by the end of December 2023.
According to NAPP, “the participants of the special regime will test the solution for integrating the automated banking system, the information system of the crypto-exchange, the processing center of the bank and the MasterCard international payment system.”
The special crypto regulatory sandbox regime is part of a series of projects launched by the Uzbekistani government through NAPP. These projects aim to explore the potential benefits of integrating cryptocurrencies and blockchain technology into the social and economic structures of the country. The banks are among the three registered participants in the project.
The third participant, UZINFOCOM Limited Liability Company, received approval in April 2023 to issue NFT certificates for “.UZ” domain name owners. These certificates will serve as proof of ownership for the owners. The certificates are expected to enhance transparency and reliability in their data management.
The NAPP was established in 2017 to develop and implement a comprehensive state policy for crypto asset regulation. The agency is tasked with identifying how blockchain technology can be used in public administration and socio-economic development, as well as combating criminal activities and terrorism financing with the technologies.
If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
