Kazakhstan shuts down 36 unlawful crypto exchanges, freezes belongings, and strengthens rules to make sure a safe, regulated crypto setting.
Kazakhstan has taken robust actions to fight unlawful cryptocurrency exchanges. In 2023, regulators blocked greater than 3,500 unlicensed exchanges. The results of such cooperation was the Nationwide Safety Committee’s effort, in cooperation with the Ministry of Tradition and Data. As well as, Coinbase was additionally blocked off from the federal government, which mentioned the platform had violated digital asset legal guidelines within the nation.
In 2024, Kazakhstan’s regulators did one thing extra, after they shut down 36 unlawful crypto exchanges. The full turnover of those exchanges was 60 billion Kazakhstani tenge, or over $113 million. Authorities additionally froze and confiscated belongings of about 4.8 million USDT (a stablecoin) from these platforms. It was a part of wider efforts to chop out the plague of the cryptocurrency market in Kazakhstan.
The crackdown didn’t finish there. Authorities busted two cryptocurrency pyramid schemes. They returned 545,000 USDT to the victims of those schemes in response. In addition they froze an extra 120,000 USDT on the platforms. The actions present that Kazakhstan has taken measures to forestall its residents from doing fraudulent issues within the crypto house.
Kazakhstan Tightens Rules on Crypto Whereas Supporting Innovation
To bolster its efforts additional, Kazakhstan’s monetary regulator, AFM RK, has been working with worldwide companions. The target is to present crypto transactions a greater monitoring to keep away from prison exercise. Together with this, the gov has additionally proposed modifications to the nation’s legal guidelines, together with new penalties for digital asset suppliers engaged in cash laundering.
That isn’t all that authorities is doing, in fact, in the case of enforcement. They’re additionally attempting to regulate the cryptocurrency market rigorously. In 2023, Bybit obtained the total crypto trade license from Astana Monetary Providers Authority (AFSA). It additionally acquired regulatory approval from AFSA to legally function the nation. That these strikes present that Kazakhstan is welcoming, regulated crypto exchanges whereas additionally ensuring its legal guidelines are adopted.
Furthermore, Kazakhstan is engaged on the creation of a digital forex. Launching a pilot program for the digital tenge, the central financial institution digital forex (CBDC), the Nationwide Financial institution of Kazakhstan has performed so. As well as, the central financial institution has additionally made processes simpler for worth added tax (VAT) reimbursement with digital fiat.
Lastly, the cryptocurrency house is innovation and strict regulation in Kazakhstan. It’s working exhausting to show itself into a rustic that’s working to make digital belongings safe and correctly regulated and embrace new applied sciences.