The Cardano blockchain's commercial arm, Emurgo, has partnered with Uzbekistan’s National Agency of Project Management (NAPM) in order to establish a regulatory framework for security token offerings (STOs) and exchanges.
As part of the agreement, the collaboration will involve the creation of a task force for the integration of blockchain technology finance.
KOBEA Group and Infinity Blockchain Holdings have both been announced to aid in the development of the task force as advisors.
Emurgo will work with KOBEA to provide advisory services regarding digital asset banking, digital asset exchanges, and general education on blockchain. The task force said it will explore the possibility of the Cardano blockchain playing a role by providing the infrastructure for its developments.
Emurgo will also provide advisory services to develop and mutually explore the potential for Cardano's third-generation blockchain for infrastructure projects.
According to Ken Kodama, the CEO of Emurgo:
Uzbekistan today, more than ever, is open to innovation. It is a great honor to be able to work closely with the country’s government officials to help drive the implementation of blockchain technology.
He also said:
We are glad to provide our advisory services to the Uzbekistan government to build essential blockchain infrastructure & support local universities to train future blockchain experts.
According to a recent report from the World Bank, an estimated 37% of Uzbekistan’s 31 million people are unbanked, providing the perfect foreground for EMURGO to deliver digital banking and STO services to the unbanked masses. It will be interesting to see how this project develops.