The Financial Monitoring Agency has also launched nine investigations into “illegal exchange operations” and money laundering.
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In 2023, Kazakhstan’s Financial Monitoring Agency (FMA) blocked access to almost a thousand crypto exchanges serving the country’s citizens without proper registration.
According to a Dec. 7 press release published on the government’s website, the FMA denied access to 980 illegal platforms in 2023. It also launched nine investigations into “illegal exchange operations” and money laundering. This information was revealed by the chairman of the FMA, Ruslan Ostroumov, during the meeting of the Eurasian Group on Combating Money Laundering in China.
Related: Kazakhstan officially launches digital tenge
The Digital Assets Law, enacted in February 2023, prohibits creating and trading digital currencies and cryptocurrency exchange activities unless a national license is obtained. The Astana International Financial Center (AIFC), functioning as a special economic zone in Kazakhstan, is responsible for granting preliminary approval for operations.
The list of unlicensed exchanges blocked includes some major international platforms. In November, it was revealed that Kazakh citizens could not access the Coinbase website after an order from the Ministry of Culture and Information blocked it. Ministry representatives explained to journalists that the request came from a different government body, the Ministry of Digital Development, which accused Coinbase of violating the Digital Assets Law.
To date, Binance, Bybit, CaspianEx, Biteeu, ATAIX, Upbit and Xignal&MT have been approved to operate in the country.
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