As a seasoned researcher with a knack for deciphering financial intricacies, I find it fascinating to witness Kazakhstan’s proactive approach towards regulating its crypto industry. Having traversed the globe, observing various nations grapple with digital assets, it’s refreshing to see a country like Kazakhstan taking such decisive steps against illegal activities.
Financial regulators in Kazakhstan have seized approximately $1.2 million worth of cryptocurrency and closed down 19 unlawful cryptocurrency exchanges that had a combined transaction volume over $60 million.
In an ongoing effort to prevent money laundering and terrorism financing, Kazakhstan has seized approximately $1.2 million worth of cryptocurrency and shut down 19 illegal over-the-counter trading platforms.
According to Zhanat Elimanov, the chairman of AFM, the regulatory body is currently concentrating on three key aspects: combatting illicit cryptocurrency mining, shutting down unauthorized crypto exchanges, and preventing illegal transactions involving digital assets. Due to persistent actions taken throughout the year so far, Kazakhstan has successfully dismantled nine illegal mining farms, seizing approximately 4,000 cryptocurrency mining machines in the process.
Beyond the frozen assets, authorities have additionally halted about 5,500 unlicensed online exchange platforms. The cumulative transactions on the shuttered Over-The-Counter (OTC) platforms surpassed a staggering $60 million.
To maintain control over the digital currency market, Kazakhstan is focusing on both smaller platforms and leading market influencers. In late 2023, the nation prohibited Coinbase, a prominent American cryptocurrency exchange, due to accusations of flouting Kazakhstan’s crypto regulations.
At that moment, it was verified by the Ministry of Information that Coinbase access was limited following a request from the Ministry of Digital Development due to concerns about the exchange’s trading activities, which were discovered to be in violation of Kazakhstan’s Digital Assets Law. This law forbids the distribution and circulation of uninsured digital assets, as well as the operation of platforms dealing with such assets.
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2024-10-01 14:13