Uzbekistan Grants Banks Approval to Issue Crypto Cards
The National Agency for Prospective Projects in Uzbekistan has given permission to two private banks in the country, Kapital Bank and Ravnaq Bank, to issue crypto cards. The cards, called UzNEX cards, will be supported by Mastercard and will allow users to integrate their bank accounts with a crypto exchange. The deadline for the rollout of these cards is December 2023. The government of Uzbekistan has restricted the provision of crypto services to licensed firms since 2023, and previously cracked down on international cryptocurrency exchanges operating without licenses.
Key Points:
- Kapital Bank and Ravnaq Bank have been granted permission to issue crypto cards by the National Agency for Prospective Projects in Uzbekistan.
- The cards, called UzNEX cards, will be supported by Mastercard and will allow users to integrate their bank accounts with a crypto exchange.
- The deadline for the rollout of these cards is December 2023.
- The government of Uzbekistan has restricted the provision of crypto services to licensed firms since 2023.
- Previously, the government cracked down on international cryptocurrency exchanges operating without licenses.
Hot Take:
The approval given to Kapital Bank and Ravnaq Bank to issue crypto cards in Uzbekistan shows the government’s growing acceptance and regulation of the crypto industry. By partnering with Mastercard, the banks are able to offer users a seamless integration of traditional banking services with cryptocurrency exchanges. This move not only provides convenience for crypto users in Uzbekistan, but also demonstrates the country’s commitment to embracing and regulating the digital asset space. As more countries explore crypto-related opportunities, it will be interesting to see how regulations continue to evolve and shape the industry.
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