In Kazakhstan, law enforcement has taken action against 130 cryptocurrency exchange platforms for operating without the necessary authorization, according to a
report
from The Times of Central Asia.
As part of this widespread regulatory enforcement, the authorities have also confiscated cryptocurrency assets with an estimated value of $16.7 million.
Kairat Bizhanov, the Deputy Head of the Financial Monitoring Agency, announced these measures during a recent public address.
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He clarified that, according to current legal frameworks, cryptocurrency transactions can only occur on authorized platforms that are integrated with Kazakhstan’s established banking infrastructure. These rules are designed to combat financial wrongdoing and ensure transparency in cryptocurrency trading activities.
The investigation also revealed 81 separate organizations engaging in the unlawful exchange of digital currencies for physical cash. Reports indicate that these illicit ventures handled transactions totaling more than $43 million.
According to the agency’s findings, many of these groups utilized fraudulent identities to establish bank accounts and moved funds in a manner designed to obscure their origins.
A key concern highlighted by government representatives was the persistent improper usage of automated teller machines. The total amount withdrawn from ATMs during the period examined reached $24.1 billion.
To address this, the government has implemented new guidelines for the use of bank cards. Any deposit exceeding $913 will trigger a mandatory identity verification process, utilizing both government records and mobile-based authentication.
Financial institutions are now required to retain video recordings from ATM cameras for a minimum of six months.
In related news, Dubai’s Virtual Assets Regulatory Authority (VARA) recently imposed penalties on 19 businesses in the crypto space. Want to know why?
Get
the details here.