In 2023, Kazakhstan’s Financial Monitoring Agency (AFM) restricted nearly a thousand cryptocurrency exchanges from operating within its borders due to lack of proper registration. As stated in a December 7 press release on the government’s website, the AFM blocked 980 unauthorized platforms this year. Additionally, it initiated nine probes into illicit exchange activities and money laundering. These developments were disclosed by AFM chairman Ruslan Ostroumov at a meeting of the Eurasian Group on Combating Money Laundering held in China.
The enforcement follows the implementation of the Digital Assets Law in February 2023, which bans the creation, trading of digital currencies, and cryptocurrency exchange operations without a national license. The Astana International Financial Center (AIFC), a special economic zone in Kazakhstan, is tasked with issuing preliminary approvals for such operations.
The blocked exchanges include several prominent international platforms. In November, it was reported that Kazakh citizens could no longer access Coinbase’s website following a blockage order from the Ministry of Culture and Information. This action was reportedly based on a request from another governmental department, the Ministry of Digital Development, which accused Coinbase of contravening the Digital Assets Law.
As of now, exchanges like Binance, Bybit, CaspianEx, Biteeu, ATAIX, Upbit, and Xignal&MT have received authorization to operate in Kazakhstan.
Get $200 Free Bitcoins every hour! No Deposit No Credit Card required. Sign Up