Crypto News, Kapital Bank and Ravnaq Bank have secured approval from the National Prospects Project Agency (NAPP), signaling Uzbekistan’s commitment to embrace the cryptocurrency sector.
Uzbekistan Embraces Crypto Via Banks with crypto cards
These banks are collaborating with Mastercard to launch UzNEX, a unique physical crypto card. This initiative fuses traditional banking with access to a cryptocurrency exchange portal. The card’s rollout is anticipated by December 2023.
From Restrictions to Revitalization
Uzbekistan’s past approach to cryptocurrencies was rather stringent, evident from its constraints on major global crypto exchanges like Binance, FTX, and Huobi. However, the inclusion of Kapital Bank and Ravnaq Bank in the national digital sandbox indicates a significant pivot in the country’s crypto strategy.
Policy Overhaul Spurs Industry Growth
The National Agency for Project Management (NAPM) took an assertive step in 2021 by proposing amendments to the licensing process for crypto entities. This proactive move culminated in the granting of crypto licenses to pioneers like Crypto Trade NET and Crypto Market in November 2022.
A Nation on the Cusp of Digital Transformation
As 2023 draws to an end, the global crypto community is keenly observing Uzbekistan’s evolving stance. These groundbreaking developments position the nation at the forefront of the impending digital revolution.
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