Kazakhstan Blocks 980 Crypto Exchanges
Kazakhstan’s Financial Monitoring Agency (AFM) has blocked nearly a thousand cryptocurrency exchanges operating without proper registration, demonstrating the country’s commitment to regulating the digital currency market. The agency blocked access to 980 platforms in 2023, citing operations without the necessary national license. These platforms served Kazakh citizens, contravening the country’s Digital Assets Law. The AFM initiated nine investigations into alleged illegal exchange operations and money laundering activities.
The Digital Assets Law, enacted in February 2023, prohibits creating and trading digital currencies and cryptocurrency exchange activities without a national license. The Astana International Financial Center (AIFC) is tasked with issuing these licenses, acting within its mandate as a special economic zone. The law’s stringent requirements have led to the blocking of major international platforms, including Coinbase, in November. Despite the crackdown on unregistered exchanges, the AIFC has approved several operational platforms in Kazakhstan, signaling a new phase in the country’s approach to digital currencies, emphasizing regulated and secure trading environments.
(With inputs from Shikha Singh)
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