MN Coin

<ul> 
 <li>A number of prominent worldwide platforms are on the list of unauthorized exchanges.</li> 
 <li>In 2023, the FMA blocked access to 980 illicit platforms, according to a news release issued.</li> 
</ul> 
Nearly a thousand cryptocurrency exchanges that were servicing Kazakh residents without the necessary authorization were blocked in 2023 by the country’s Financial Monitoring Agency (<a href="https://www.gov.kz/memleket/entities/afm?lang=en" target="_blank" rel="noreferrer noopener nofollow">FMA</a>). 
In 2023, the FMA blocked access to 980 illicit platforms, according to a news release issued on the government website on December 7. As for money laundering and “illegal exchange operations,” nine probes were also initiated. At the <a href="https://eurasiangroup.org/en" target="_blank" rel="noreferrer noopener nofollow">Eurasian Group</a> on Combating Money Laundering conference in China, this information was divulged by FMA chairman Ruslan Ostroumov. 
<h3 class="wp-block-heading" id="h-strict-compliance">Strict Compliance</h3> 
Moreover, a national license is required to create, trade, or engage in crypto exchange operations according to the Digital Assets Law, which was passed in February 2023. Also, a special economic zone in Kazakhstan, the Astana International Financial Center (AIFC) is in charge of giving first clearance for activities. 
Furthermore, a number of prominent worldwide platforms are on the list of unauthorized exchanges that have been banned. It came to light in November that the <a href="https://thenewscrypto.com/coinbase-simplifies-crypto-transfers-with-shareable-links/" target="_blank" rel="noreferrer noopener">Coinbase</a> website was prohibited for Kazakh people by an order from the Ministry of Culture and Information. 
Reporters were informed by ministry officials that another branch of the government, the Ministry of Digital Development, had requested this action after accusing Coinbase of breaking the Digital Assets Law. In terms of legislation, <a href="https://thenewscrypto.com/binance-launches-regulated-digital-asset-platform-in-kazakhstan/" target="_blank" rel="noreferrer noopener">Kazakhstan</a> attempted to control its virtual finance industry in September 2022 with the first draft of crypto regulation. 
Moreover, the regulatory climate for cryptocurrency mining businesses is largely favorable under Kazakh legislation. The mining of cryptocurrencies inside the country was officially permitted in December 2020. 
Highlighted Crypto News Today: 
<a href="https://thenewscrypto.com/uphold-debuts-xrp-custody-scene-with-uphold-vault/" target="_blank" rel="noreferrer noopener">Uphold Debuts XRP Custody Scene with Uphold Vault</a>

Kazakhstan Blocked 980 Unauthorized Crypto Exchanges This Year

Table of Contents

TheNewsCrypto

Other articles published on Dec 8, 2023

Crypto recap: All that went down today

Tech Unwind Abuja returns with electrifying second edition followed by an executive mixer event

Solana outpaces Ethereum layer-2s in trading volume; whales turn to AI altcoin

Co-founder of Terraform Labs Appeals Extradition Decision in Montenegro

Crypto: Ethereum Catches up with Bitcoin, Altcoin season?

Expert Predicts SOL Could Hit $100 as It Breaks Above $70

Join our free newsletter for daily crypto updates!