The Financial Monitoring Agency has also introduced nine probes into money laundering and ‘illicit exchange activities.’
This year, Kazakhstan’s Financial Monitoring Agency (FMA) blocked nearly one thousand crypto exchanges serving the natives for lacking appropriate registration.
Government Agency Bans Hundreds of Illicit Platforms
A December 7 press release on the government’s website showed that 980 illicit platforms were denied access this year. Further, the Financial Monitoring Agency initiated nine probes into ‘unlawful exchange activities’ and money laundering.
During the Eurasian Group on Combating Money Laundering meeting in China, Ruslan Ostroumov, FMA’s chairman, disclosed this information.
The Digital Assets Law was ratified in February this year and bans the creation and trading of digital currencies and cryptocurrency exchange activities without a national permit. The Astana International Financial Center (AIFC) functions as Kazakhstan’s unique economic zone and grants initial consent to crypto operators.
Global Exchanges Blacklisted by Kazakhstan Authorities
The blocked illegal exchanges entail major global platforms. Last month, it was disclosed that the nation’s citizens could not use Coinbase’s website following a block order from the Ministry of Culture and Information.
According to the ministry’s spokespersons, the request originated from the Ministry of Digital Development, which faulted the firm for contravening the Digital Assets Law.
The move by Kazakhstan authorities echoes similar actions by other jurisdictions to eradicate crypto usage as a conduit for illicit finance. Meanwhile, the regulator lists Biteeu, Upbit, ATAIX, CaspianEx, and Binance as permitted to run nationwide.
SureTradeGroup.com is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. Some of the content on this site is paid content that is not written or posted by our writers or editors and the opinions expressed do not reflect the opinions of this website. Any disagreement you may have with brands or companies mentioned in articles will need to be taken care of directly with those specific brands and companies. The responsibility of anyone who may click links in our articles and ultimately sign up for that product or service is their own. Forex, Stocks, Cryptocurrencies, NFTs and Dogital Tokens are all a high-risk asset, investing in them can lead to losses. Readers should do their own research before taking any action.