- They will take part in the Crypto Card project – UzNEX.
- From 2022 in Uzbekistan you can buy cryptocurrency only on a licensed platform.
- The only official service provider remains the UzNEX exchange.
The National Agency for Perspective Projects of Uzbekistan (NAPP) announced the registration of the second participant of the cryptocurrency “regulatory sandbox”. It was Ravnaq-bank.
The counterparty will participate in the Crypto Card – UzNEX project along with Kapital Bank. It provides for the issuance of a cryptocurrency card supported by the Mastercard payment system.
UzNEX integrates a bank account with automatic conversion of crypto-assets on the eponymous exchange. In 2020, the platform became the first and so far the only licensed service provider in the country.
The cryptocurrencies are expected to be launched by the end of 2023. In addition to these banks, a single integrator UZINFOCOM is also registered in the “sandbox”.
In the pilot project, the parties will test the system of issuing certificates for the owners of domain names in NFT format, Kapital reports.
The Proof-of-Authority concept is the basis for the accounting mechanism of these tokens.. What preferences this brings for holders is not yet known.
In 2022, Uzbek authorities introduced a ban on cryptocurrency trading on foreign platforms. It’s part of the NAACP’s strategy to tighten control of the industry.