1. BITBILIHome
  2. Article

Uzbekistan grants approval for Mastercard-backed crypto cards by Ravnaq Bank and Kapital Bank

• 44 views

TL;DR Breakdown

  • Uzbekistan’s NAPP authorizes Ravnaq Bank and Kapital Bank to issue Mastercard-backed crypto cards as part of a pilot project.
  • The banks will offer virtual cards linked to cryptocurrency wallets, enabling swift conversion to fiat money.
  • The project aims for a full launch by late December 2023, and the banks will test the compatibility of the crypto cards with various financial systems, including Mastercard’s platform.

Description

Uzbekistan’s National Agency of Perspective Projects (NAPP) has authorized two private banks, Ravnaq Bank and Kapital Bank, to issue Mastercard-backed crypto cards. This initiative is part of a pilot project aimed at launching virtual cards linked to cryptocurrency wallets, allowing instant conversion to fiat money. Ravnaq Bank and Kapital Bank are now registered participants in … Read more

Uzbekistan’s National Agency of Perspective Projects (NAPP) has authorized two private banks, Ravnaq Bank and Kapital Bank, to issue Mastercard-backed crypto cards. This initiative is part of a pilot project aimed at launching virtual cards linked to cryptocurrency wallets, allowing instant conversion to fiat money.

Ravnaq Bank and Kapital Bank are now registered participants in the Special Regulatory Sandbox Regime, a framework that empowers specific entities in the Uzbekistan crypto space to offer specialized services. The banks will develop and implement a virtual bank card product named “CRYPTO CARD – UzNEX,” enabling customers to automatically add funds to their accounts by quickly selling off crypto assets on a partner exchange platform.

The crypto card, scheduled for a full project launch by late December 2023, will be tested for compatibility with various financial systems, including the Mastercard payment platform.

The participant of the special regime will test the solution for integrating the automated banking system, the information system of the crypto-exchange, the processing center of the bank, and the MasterCard international payment system.

Uzbekistan’s National Agency of Perspective Projects

Ravnaq Bank aims to commence its test launch by the end of October 2023, while Kapital Bank began its testing phase at the end of June 2023.

Uzbekistan’s evolving approach to crypto regulation and licensing

Uzbekistan’s government has been actively working to introduce clear and effective regulations in its growing crypto space. In May 2022, the Central Asian nation established the NAPP to serve as the principal regulatory body for all crypto-related activities, including mining, trading, and blockchain applications.

The NAPP’s efforts have led to introducing a new cryptocurrency framework in 2023, under which only licensed virtual asset service providers are permitted to operate. The first licenses were granted to local crypto firms in November 2022, and since then, licenses have been issued to seven other crypto businesses. The NAPP also introduced a new licensing regime for crypto miners, allowing them to operate legally in free economic zones. 

In August 2022, Uzbekistan banned the operations of certain exchanges, including Binance and FTX, for non-compliance with license registration standards. The country’s regulatory approach to crypto was initiated by a presidential decree in 2022, providing comprehensive legal details related to cryptocurrency mining operations in Uzbekistan.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

文章来源于互联网:Uzbekistan grants approval for Mastercard-backed crypto cards by Ravnaq Bank and Kapital Bank

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年8月21日 05:29
Next 2023年8月21日 06:58

Related articles

  • Argentina officially launches its first bitcoin futures contract

    TL;DR Breakdown Argentina launches its first regulated bitcoin futures contract, providing qualified investors with exposure to cryptocurrency in a regulated manner. The contract is based on a bitcoin index powered by Matba Rofex, the Argentinian stock exchange, and was authorized by the National Securities Commission (CNV). The move aims to promote the development of innovative products within the regulated entities of the capital market and marks the CNV’s first approval of a crypto product. Description Argentina has officially introduced its first bitcoin futures contract based on a bitcoin index, providing qualified investors with regulated exposure to the cryptocurrency. It is important to know that the contract, published by Matba Rofex, the Argentinian stock exchange, received authorization from the country’s National Securities Commission (CNV) back in April. This marks the CNV’s … Read more Argentina has officially introduced its first bitcoin futures contract based on a bitcoin index, providing qualified investors with regulated exposure to the cryptocurrency. It is important to know that the contract, published by Matba Rofex, the Argentinian stock exchange, received authorization from the country’s National Securities Commission…

    Article 2023年7月14日

  • Japan’s 10-year yield above 9-year high prompting alarm at BOJ

    TL;DR Breakdown On Tuesday, Japan’s 10-year government bond yield achieved its highest point over nine years. The increase was driven by a growing agreement that the Federal Reserve would choose to keep interest rates elevated for a prolonged period, considering the strength of the U.S. economy. Description On Tuesday, Japan’s 10-year government bond yield attained its highest level in more than nine years. The move is significant to the central bank’s recent market intervention in response to a comparable situation earlier this month. The 10-year yield of the Japanese Government Bond (JGB) climbed by 1 basis point, touching 0.660%, a value not … Read more On Tuesday, Japan’s 10-year government bond yield attained its highest level in more than nine years. The move is significant to the central bank’s recent market intervention in response to a comparable situation earlier this month. The 10-year yield of the Japanese Government Bond (JGB) climbed by 1 basis point, touching 0.660%, a value not witnessed since January 2014. This escalation followed the upward trend of U.S. yields, mirroring its movement. Japan’s 10-year yield crosses…

    Article 2023年8月22日

  • Bank of Japan board member sees inflation goal in sight, policy shifts loom

    TL;DR Breakdown According to board member Naoki Tamura, the BOJ’s inflation goal is “clearly in sight,”  Tamura says that the BOJ must maintain low rates and carefully analyze wage and price data before making policy adjustments. Description Japan’s inflation is “clearly in sight” with the central bank’s target, board member Naoki Tamura has highlighted, which suggests a potential discontinuation of negative interest rates at the beginning of the year. The statement marks the most explicit indication thus far from a Bank of Japan (BOJ) policymaker that increasing inflation and wages might prompt … Read more Japan’s inflation is “clearly in sight” with the central bank’s target, board member Naoki Tamura has highlighted, which suggests a potential discontinuation of negative interest rates at the beginning of the year. The statement marks the most explicit indication thus far from a Bank of Japan (BOJ) policymaker that increasing inflation and wages might prompt the bank to adopt more assertive measures in gradually reducing its unconventional stimulus efforts. Bank of Japan pledges to maintain interest rate low Approximately ten years have passed since the…

    Article 2023年8月30日

  • South Korea tightens grip on undeclared overseas crypto worth $99B

    TL;DR Breakdown South Korea’s tax agency reports that citizens and businesses hold around $99 billion in overseas crypto assets. A total of 1,432 individuals and entities are responsible for these crypto holdings. The Financial Services Commission is focusing on over-the-counter cryptocurrency transactions. Description South Korea’s tax agency has reported that citizens and businesses in the country hold approximately 131 trillion won, or around $99 billion, in overseas crypto assets. This staggering figure accounts for 70% of all offshore assets disclosed by South Koreans this year. Moreover, the tax authority revealed that 1,432 individuals and entities are behind these … Read more South Korea’s tax agency has reported that citizens and businesses in the country hold approximately 131 trillion won, or around $99 billion, in overseas crypto assets. This staggering figure accounts for 70% of all offshore assets disclosed by South Koreans this year. Moreover, the tax authority revealed that 1,432 individuals and entities are behind these substantial holdings. Besides crypto assets, the tax agency’s data showed South Koreans have significant investments in stocks, deposits, and savings overseas. 5,419 entities disclosed…

    Article 2023年9月21日

  • Bank of England’s high-stakes balancing act

    TL;DR Breakdown The Bank of England is facing a high-stakes balancing act with its 14th consecutive rate rise since 2021. Mixed signals from the Monetary Policy Committee have caused uncertainty in an already strained economy. Description The balancing act performed by the Bank of England is high-stakes indeed. With a staggering 14th consecutive rate increase on the horizon, Britain’s battle against inflation is reaching a critical juncture. Prime Minister Rishi Sunak’s recent optimism that there’s “light at the end of the tunnel” in the inflation fight may be true, but it … Read more The balancing act performed by the Bank of England is high-stakes indeed. With a staggering 14th consecutive rate increase on the horizon, Britain’s battle against inflation is reaching a critical juncture. Prime Minister Rishi Sunak’s recent optimism that there’s “light at the end of the tunnel” in the inflation fight may be true, but it doesn’t minimize the complexity of the situation. Struggling with a mixed signal economy The Bank of England’s uncertainty and mixed signals are disconcerting at a time when the margin for error…

    Article 2023年8月5日
TOP