The Kazakhstan Authorities shut down 36 unlawful cryptocurrency exchanges in 2024 following a joint work with the Nationwide Safety Committee and the Ministry of Tradition and Data.
The event was introduced on Jan 6 by the Monetary Monitoring Company of the Republic of Kazakhstan.
Moreover the 36 crypto exchanges shut down, about 3500 unlawful on-line crypto exchanges have been additionally blocked.
Kazakhstani authorities said that such buildings don’t determine their purchasers and don’t detect suspicious transactions. Due to this fact, their companies are sometimes utilized by cyber-fraudsters and drug traffickers.
The federal government of the nation believes unlawful crypto-exchangers have performed a big position in cash laundering schemes, permitting the conversion of cryptocurrency into fiat currencies and vice versa.
Numbers related to the exchanges
In 2024, 36 unlawful crypto exchanges with a complete turnover of 60 billion tenge have been disrupted and shut down. Belongings for $4.8 million (about 2.5 billion tenge) have been blocked and confiscated by related authorities.
Two monetary pyramids utilized by dangerous cryptocurrency actors to draw investments have been uncovered. $545,000 have been returned and $120,000 have been blocked.
Authorities Steps Up Legislative Strategy
The Kazakhstan Monetary Monitoring Company has stepped up its partnership with worldwide companions to strengthen management over crypto transactions and fight their use for illicit functions.
The Authorities’s Legislative arm has made legislative amendments that can impose legal responsibility on digital asset suppliers for violations within the subject of cash laundering.
The verification means of cryptocurrency transactions in monetary establishments has been strengthened by related authorities whereas the FMA will proceed to enhance efficient management instruments for monetary transactions to fight felony schemes.
The Asian nation can also be constructing an in-house central financial institution digital forex (CBDC) often known as the digital tenge.
Growth of the CBDC began in February 2023, with an preliminary launch deadline set for 2025.
