Uzbekistan, one of the Central Asian countries, allowed two different banks to operate after crypto regulation. The country’s domestic banks Ravnaq Bank and Kapital Bank have received approval for cryptocurrencies from the Uzbek financial regulator NAPP. The banks in question are preparing to issue cryptocurrency-based cards.
According to the information reflected in the press, the two institutions that obtained permission for the crypto debit card receive support from Mastercard for the infrastructure. Crypto-themed cards will have links to the country’s local crypto exchange, UZNEX.
Uzbekistan, like other countries, focused on regulating the crypto sector in 2023. Local crypto startups in the country started getting the necessary licenses last year. Government; On the other hand, it has decided to restrict access to exchanges such as Binance and Huobi on the grounds that they are unlicensed.
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