In 2023, Kazakhstan’s Financial Monitoring Agency (FMA) took action against nearly a thousand unregistered crypto exchanges catering to its citizens. The FMA, as reported in a December 7 press release on the government’s website, blocked access to 980 illegal platforms and initiated nine investigations into “illegal exchange operations” and money laundering. Chairman Ruslan Ostroumov disclosed this information during the meeting of the Eurasian Group on Combating Money Laundering in China.
The Digital Assets Law, implemented in February 2023, prohibits the creation and trading of digital currencies and cryptocurrency exchanges without obtaining a national license. The Astana International Financial Center (AIFC), operating as a special economic zone, grants preliminary approval for operations.
The list of blocked unlicensed exchanges includes major international platforms. In November, Kazakh citizens were unable to access the Coinbase website following a Ministry of Culture and Information order. The Ministry clarified that the request originated from the Ministry of Digital Development, accusing Coinbase of violating the Digital Assets Law.
Approved to operate in the country are Binance, Bybit, CaspianEx, Biteeu, ATAIX, Upbit, and Xignal&MT, while unauthorized platforms face regulatory scrutiny and access restrictions.
By FCCT Editorial Team
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