Kazakhstan’s Financial Monitoring Agency (FMA) has taken a firm stance against unlicensed crypto exchanges. Throughout 2023, the FMA has actively shut down access to nearly a thousand crypto exchanges operating without appropriate licensing.
Crackdown On Unlicensed Crypto Exchanges
The actions by the FMA were disclosed in a press release published on the Kazakh government’s website. The agency’s chairman, Ruslan Ostroumov, emphasized during a meeting of the Eurasian Group on Combating Money Laundering in China, noting:
This year, 980 illegal cryptocurrency exchange platforms have been blocked in the country. Nine investigations have been launched into illegal exchange transactions worth $36.7 million and laundering of criminal proceeds. Preventive measures are being taken.
Kazakhstan’s Digital Assets Law, enacted in February 2023, set the stage for these actions. The law prohibits creating, trading, and operating digital currencies and cryptocurrency exchanges without a nationa
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