In 2023, Kazakhstan’s Financial Monitoring Agency (FMA) obstructed access to 980 unregistered cryptocurrency exchanges catering to Kazakhstani citizens.
The government website announced on December 7 that the FMA denied access to 980 unauthorized platforms in 2023. The organization also initiated nine investigations about “illegal exchange operations” and money laundering.
Ruslan Ostroumov, chairman of the FMA, disclosed this information during the Eurasian Group on Combating Money Laundering in China meeting.
Enacted in February 2023, the Digital Assets Law prohibits cryptocurrency exchange activities and the creation and trading of digital currencies without a valid national license.
The Astana International Financial Center (AIFC), a special economic zone in Kazakhstan, is responsible for issuing preliminary sanctions for business activities.
Several significant international platforms are blocked on the list of unlicensed exchanges. It came to light in November that a Ministry of Culture and Information mandate prevented Kazakh citizens from accessing the Coinbase website.
The Ministry of Digital Development, which accused Coinbase of violating the Digital Assets Law, made the request, according to Ministry representatives who explained to the press.
The country has granted operating authorization to Binance, Bybit, CaspianEx, Biteeu, ATAIX, Upbit, and Xignal&MT.
