Two private banks in Uzbekistan are preparing to issue crypto cards backed by Mastercard.
Based in Uzbekistan, Kapital Bank and Ravnaq Bank have received approval from the National Perspective Projects Agency (NAPP) to join the digital space of crypto regulation. Banks are in the process of launching Mastercard-supported crypto cards. The deadline for both banks to offer crypto cards to customers is December 2023. Crypto investors from Uzbekistan, on the other hand, are eagerly awaiting this move by following it closely.
Crypto activities in the country are on the rise
Uzbekistan, which has come to the fore with its attitude towards the crypto industry in the past months, is now on the agenda with innovations in the sector. Most recently, the country, which gave crypto card approval to Kapital Bank and Ravnaq Bank, announced that from 2023, crypto services will only be allowed to be provided by licensed cryptocurrency firms.
Uzbekistan, which started NAPP with a presidential decree in 2022 to ensure the functioning and control of the crypto regulatory system, has been increasing its speed activities since then. The government, which gave the green light to the industry with its approval of crypto cards, has created debates whether it will have an impact on other countries.
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