Kazakhstan's authorities are stepping up their fight against illegal cryptocurrency exchanges as part of a broader effort to combat money laundering and illicit financial activities. The government is moving to regulate the rapidly evolving digital asset space, prioritizing exchanges that operate under proper licensing.
Seizures and Closures
The Financial Monitoring Agency (AFM) of Kazakhstan has already achieved significant results. They have seized assets worth $16.7 million from illegal crypto exchanges suspected of laundering criminal proceeds.
In this year alone, the AFM has shut down 130 unlicensed crypto exchange offices. This aggressive action reinforces the official stance that only exchanges licensed by the Astana International Financial Centre (AIFC) are considered legal and permitted to operate in the country. The AIFC provides a clear regulatory framework aimed at fostering a transparent and secure digital asset market.
New Rules Target Illicit Cash Transactions
To curb the illegal cashing out of funds and enhance financial transparency, new rules have been implemented:
- Mandatory Identification for Large Deposits: To deposit over 500,000 tenge (
) onto a payment card, users must now provide a local Individual Identification Number (IIN).
- Mobile App Confirmation: These transactions also require confirmation via a mobile application, adding an extra layer of security and traceability.
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Enhanced Surveillance and Biometrics
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Kazakhstan's financial regulatory bodies are also implementing stricter rules regarding surveillance and customer identification:
- Extended ATM Record Keeping: Starting January 1, 2026, banks will be required to store recordings from ATM cameras for a minimum of 180 days. This extended retention period is designed to aid investigations into financial crimes.
- Biometric Expansion: Authorities are also planning to expand the use of biometrics in cash operations. This move is aimed at further strengthening security and ensuring that only the rightful account holders can access and transact with cash.
These measures highlight the government's commitment to creating a transparent financial ecosystem while protecting citizens from the risks associated with unlicensed crypto operations.
