Two banks in Uzbekistan will issue crypto cards

By the end of this year, Ravnaq Bank and Kapital Bank, two major Uzbek banks, have revealed their intention to issue crypto cards. This announcement was made by the National Agency for Perspective Projects (NAPP), responsible for regulating crypto assets in the country.

These private banks have obtained the NAPP’s approval to participate in the digital sandbox of crypto regulation. Additionally, Uzinfocom, a single integrator for creation and support of state information systems, has also been included in the list of participants.

Kapital Bank is planning to develop and introduce a banking product named “Crypto-card,” while Ravnaq Bank aims to launch a virtual bank card named “CRYPTO CARD-UzNEX”. The complete rollout of these products is anticipated to occur in December of this year.

According to the NAPP’s press release, Ravnaq Bank plans to ensure integration between its automated banking system, crypto exchange information system, the bank’s processing centre, and Mastercard, the second-largest payment-processing corporation worldwide. This integration aims to offer users a more convenient and efficient environment for crypto cards. Earlier, Mastercard announced the launch of a crypto card Brazil in collaboration with Binance.

A notable development this year is that legal entities, including non-residents of Uzbekistan, have been allowed to open accounts in commercial banks within the country for crypto transactions. This is a significant step towards expanding the crypto trade within the region.

Since January, only national service providers have been permitted to facilitate crypto asset transactions for both legal entities and citizens of Uzbekistan. Moreover, the sale of cryptocurrencies is exclusively allowed through licensed crypto exchanges, and electronic exchange trading systems must be hosted on domestic servers.