Main Points:
- Kazakhstan’s financial authorities froze $1.2 million in crypto and closed down 19 illegal exchangers.
- The focus is on combating money laundering and terrorism financing through regulating illegal crypto activities.
- Efforts have led to shutting down illegal mining operations and unlicensed exchanges.
- 5,500 online exchangers operating without licenses were also blocked, with a turnover exceeding $60 million.
- Kazakhstan targeted major players like Coinbase, banning the exchange over alleged violations of local crypto regulations.
- The Ministry of Information confirmed the restriction of Coinbase access due to violations of the Law on Digital Assets.
Regulation of Illegal Crypto Activities:
Kazakhstan’s financial authorities have taken action by freezing $1.2 million in cryptocurrency and shutting down 19 illegal over-the-counter platforms. This move is part of a broader effort to combat money laundering and terrorism financing within the country’s crypto industry.
Fraud Prevention Measures:
The Financial Monitoring Agency in Kazakhstan is actively targeting illegal crypto mining, unlicensed exchanges, and unlawful transactions involving digital assets. As a result, there have been significant crackdowns on illegal mining operations and online exchangers without licenses, with a total turnover exceeding $60 million.
Kazakhstan’s Crypto Regulations:
Kazakhstan is making strides in regulating its crypto industry, encompassing both small and major players. In a notable move, the country banned Coinbase, the largest US-based cryptocurrency exchange, due to alleged violations of local crypto regulations. This action highlights Kazakhstan’s commitment to upholding laws on digital assets and preventing unauthorized trading activities within its borders.
