As a seasoned analyst with years of experience in global finance and cryptocurrency markets, I find Kazakhstan’s recent move to tighten its regulatory grip on crypto exchanges intriguing. Having closely followed the dynamic evolution of the digital asset space, it’s clear that such measures are a necessary step towards fostering a secure and compliant environment for both investors and exchanges.
The financial regulatory body in Kazakhstan plans to enforce rules that will cause banks to automatically reject transactions for cryptocurrency exchanges located abroad.
As a crypto investor, I’ve been keeping an eye on recent developments in Kazakhstan, where the Financial Market Regulation and Development Agency is contemplating new regulations. These potential measures could mean that banks within the Republic of Kazakhstan might refuse transactions to international crypto exchanges if these platforms haven’t registered with their local financial hub.
As reported by the Russian state-owned news agency TASS on Wednesday, the proposed regulations by the regulatory body include not only limitations on crypto exchange transfers but also restrictions on transactions related to online casinos. Furthermore, the draft suggests prohibiting operators from accepting payments from individuals who are under 21 years old.
The proposal additionally recommends capping monthly transfers at 100,000 tenge (approximately $205) when dealing with unlicensed cryptocurrency platforms. Furthermore, banks will need to perform extra verification checks for any transactions above $1,000, regardless of whether they’re with registered or unregistered cryptocurrency exchanges.
Kazakhstan tightens regulation of crypto exchanges
crypto trading platforms in Kazakhstan can legally conduct business only if they are situated within the financial hub of Astana, where a unique tax, currency, and immigration system is in place. At present, there are ten licensed cryptocurrency exchanges operating here, among which are Binance and Bybit.
Over the past few weeks, I’ve been closely monitoring the situation unfolding in Kazakhstan regarding unlicensed cryptocurrency exchanges. Just as crypto.news previously reported, the country has taken a firm stance against both small and large players, freezing approximately $1.2 million worth of cryptocurrencies linked to nearly two dozen illegal over-the-counter platforms.
In that specific period, it was verified by the Ministry of Information that Coinbase access had been limited based on a request from the Ministry of Digital Development. This action was taken due to concerns about Coinbase’s trading activities, which were determined to be in violation of Kazakhstan’s Digital Assets Law. This law forbids the distribution and circulation of uninsured digital assets and the operation of platforms dealing with such assets.
Read More
Sorry. No data so far.
2024-10-16 17:16