Kazakhstan is taking decisive action against illegal cryptocurrency activities by blocking over 3,500 crypto exchanges. This initiative signifies the country's serious approach to regulating digital assets.
Crackdown on Illegal Crypto Exchanges
Kazakhstan's Agency for Financial Monitoring, in collaboration with the National Security Committee and the Ministry of Culture and Information, launched a significant operation in 2023 to close down illegal exchanges. The closure of major platforms like Coinbase highlights Kazakhstan's commitment to regulating the cryptocurrency space. In 2024, authorities shut down 36 more illegal exchanges, freezing assets worth 4.8 million USDT and uncovering two fraudulent schemes.
New Rules for Cryptocurrency Transactions
Kazakhstan is developing new laws to regulate cryptocurrency transactions, focusing on preventing money laundering and other crimes associated with digital assets. The government is also working with international partners to enhance the country’s ability to monitor and control digital asset transactions.
Legal Crypto Exchanges and the Future of Cryptocurrency in Kazakhstan
While cracking down on illegal platforms, Kazakhstan is also fostering a safe space for licensed cryptocurrencies. In 2023, Bybit and Binance received full licenses from the Astana Financial Services Authority, illustrating the country's commitment to developing a legitimate digital asset marketplace. Moreover, the central bank is exploring the possibility of creating a digital version of its national currency, the digital tenge.
Kazakhstan's actions demonstrate a serious approach to cryptocurrency market regulation while also opening doors for new technologies and legal participants. The country is actively adapting its infrastructure to integrate digital assets.
