#Kazakhstan blocks 3,500 cryptocurrency exchanges#
Hot Topic Overview
Overview
The Kazakh financial regulator AFM RK recently announced it has blocked over 3,500 illegally operating cryptocurrency exchanges, the latest move in the country's crackdown on cryptocurrency trading. The move comes as a joint effort with the National Security Committee and the Ministry of Culture and Information, following the country's blocking of access to Coinbase in 2023 for alleged violations of digital asset laws. In 2024, authorities liquidated 36 illegal cryptocurrency exchanges with a total turnover of 60 billion Kazakh tenge (about $113 million) and froze assets worth 4.8 million USDT. Additionally, authorities uncovered two cryptocurrency pyramid schemes, returning 545,000 USDT to victims and freezing 120,000 USDT held by the platforms. The AFM said it is working with international partners to strengthen cryptocurrency trading regulation, combat its use for criminal activities, and draft legal amendments to hold digital asset providers accountable for money laundering. Financial institutions' scrutiny of cryptocurrency transactions is also being strengthened.
Ace Hot Topic Analysis
Analysis
Kazakh authorities have blocked over 3,500 "illegal" cryptocurrency exchanges, the result of a joint operation by the National Security Committee and the Ministry of Culture and Information. Previously, Kazakhstan had blocked access to Coinbase in 2023 on suspicion of violating digital asset laws. In 2024, authorities liquidated 36 illegal cryptocurrency exchanges with a total turnover of 60 billion Kazakh tenge (about $113 million) and froze assets worth 4.8 million USDT. In addition, authorities uncovered two cryptocurrency pyramid schemes, returning 545,000 USDT to victims and freezing 120,000 USDT held by the platforms. Kazakhstan's financial regulator AFM said it is working with international partners to strengthen regulation of cryptocurrency trading, combat its use for criminal activities, and develop legal amendments to hold digital asset providers accountable for money laundering. Checks on cryptocurrency transactions by financial institutions have also been strengthened.
Public Sentiment · Discussion Word Cloud
Public Sentiment
Discussion Word Cloud
Classic Views
The Kazakh government is strengthening regulation of cryptocurrency transactions and cracking down on its use for criminal activities.
Kazakh authorities believe that many cryptocurrency exchanges are operating illegally and have blocked over 3,500 exchanges.
The Kazakh government is working with international partners to strengthen regulation of cryptocurrency transactions.
The Kazakh government is developing legal amendments to hold digital asset providers accountable for money laundering and to strengthen financial institutions' scrutiny of cryptocurrency transactions.