Two Uzbek banks granted permission to issue crypto cards

НАПП of Uzbekistan approved private Ravnaq Bank and Kapital Bank’s participation in the digital sandbox with the ability to issue cryptocurrency cards. 

The Ravnaq Bank pilot project envisages a virtual banking card that can be topped up with digital assets through automatic fiat conversion from a balance on the UzNEX crypto exchange. 

The card will be supported by Mastercard. 

A similar product will be issued by Kapital Bank. 

A full rollout of the crypto cards for retail customers of both banks is planned by the end of December 2023. 

As reported in April 2023, the first participant registered under the special regime for the circulation of crypto assets in Uzbekistan was Unified Integrator – UZINFOCOM. It will implement blockchain-based NFT certificates. 

During 2022, authorities enacted a set of laws regulating the cryptocurrency market. NAPP also established the framework for the issuance and circulation of digital assets.