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>>Authorities in Kazakhstan confiscated $16.7 million from illegal cryptocurrency exchanges and closed down 130 unauthorized platforms.

Authorities in Kazakhstan confiscated $16.7 million from illegal cryptocurrency exchanges and closed down 130 unauthorized platforms.

crypthub

2 days ago

Crackdown on Illegal Crypto Activities

Kazakhstan has intensified efforts to combat illicit financial activities, shutting down 130 unlicensed crypto exchanges and seizing $16.7 million in virtual assets. Regulations now permit operations only through exchanges licensed by the Astana Financial Services Authority and integrated with local banks. Authorities are also targeting shadow cash-out groups and anonymous transactions involving bank cards.

New Regulations and Increased Monitoring

To further curtail money laundering, Kazakhstan implemented stricter rules requiring identification for large card top-ups, extended ATM camera retention periods, and plans to expand biometric identification for cash transactions. Amendments are being drafted to improve business registration protocols and verify company founders, following the cancellation of numerous shell companies. The nation is pursuing actions against illicit crypto exchanges and fraudulent investment schemes.

Embracing Crypto Innovation and Digital Assets

Kazakhstan is actively promoting regulated crypto adoption, approving stablecoin payments for fees and unveiling "CryptoCity," a pilot zone for cryptocurrency use. The country launched a national crypto reserve, the digital tenge, and Central Asia’s first spot Bitcoin ETF, while exploring integration of crypto-linked investments into national reserves. A Solana Economic Zone further advances Web3 development initiatives.