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- Participating banks will issue crypto cards powered by Mastercard.
- Currently, three firms are registered to participate in the national digital sandbox.
The National Agency for Prospective Projects (NAPP) in Uzbekistan has authorized two private banks, Kapital Bank and Ravnaq Bank, to experiment with crypto regulations within a “digital sandbox.” Additionally, the banks will issue Mastercard-powered crypto cards.
On August 14, the NAPP revealed that Ravnaq Bank has received approval to join the pilot program. In May 2023, the Agency disclosed that Kapital Bank would be launching its own cryptocurrency card.
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The Uzbeki crypto card, referred to as UzNEX in the announcement, is expected to merge a bank account with access to a cryptocurrency exchange and an automatic exchange feature. Mastercard, a leading entity in electronic payment processing, will support the card.
Both banks aim to complete client rollouts of crypto cards by the end of this year. Currently, there are three companies registered to participate in the national digital sandbox, including Kapital Bank and Ravnaq.
Starting in 2023, only those crypto businesses that have received formal authorization are permitted to operate in Uzbekistan. In November 2022, the initial licenses were granted to crypto firms in the area. Prior to this, Uzbekistan restricted access to several major international cryptocurrency exchanges, suspecting their involvement in illicit activities. These exchanges included Binance, FTX, and Huobi.
The National Agency for Prospective Projects (NAPP) was established in 2022 by a presidential decree to oversee the country’s cryptocurrency industry. This directive also established the comprehensive legal framework regarding cryptocurrency mining in Uzbekistan.
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