TASHKENT, Uzbekistan, August 18. Uzbekistan's Kapital Bank and Ravnak Bank have announced plans to launch their own cryptocurrency cards by the end of this year, Trend reports.
To regulate the circulation of crypto assets in the country, the authority regulating the circulation of crypto assets in the country has established a registry of participants in a special regulatory regime for crypto assets, also known as the "regulatory sandbox."
This registry includes Kapital Bank, Ravnak Bank, and UZINFOCOM is a single integrator for creation and support of state information systems in the country/
Thus, Kapital Bank is currently developing and implementing a banking card product called the "Crypto Card", while Ravnak Bank will introduce the virtual banking card "CRYPTO CARD-UzNEX". Both products are scheduled for full launch in December. In particular, Ravnak Bank is integrating the automated banking system, crypto exchange information system, bank processing center, and Mastercard international payment system.
In February, non-resident legal entities were granted the right to open accounts in commercial banks in Uzbekistan for crypto asset operations.
Starting from January 1st, citizens and legal entities in Uzbekistan are allowed to buy, sell, and exchange crypto assets only through national service providers. The sale of cryptocurrency is permitted only on specialized crypto exchanges, and electronic exchange trading systems must be hosted on servers within the country.
In December 2019, the South Korean company Kobea Group received the first and only license to create and operate a crypto exchange in Uzbekistan. Currently, there are also four crypto shops registered in the country.