Kazakhstan busts unlicensed cryptocurrency exchange, seizes $350,000.
During an operation in the country’s capital city, law enforcement officials confiscated $342,000 and 7 million tenge in cash. The entity had another $23,000 worth of crypto assets in two wallets on, the world’s largest crypto exchange, which have been temporarily restricted, the statement detailed.
According to the FMA, ABS Change transferred a total of $34 million through Binance. The watchdog pointed out that its operations were conducted outside the Astana International Financial Center . Only exchanges that are residents of the financial hub are authorized to provide crypto trading services in the Central Asian nation.
The FMA’s main focus has been on preventing “gray” business activities, including those in the crypto space, and the agency said that Kazakhstan’s shadow economy shrank to below 20% last year. In January, the regulatorseveral coin trading websites. In February, it seized almost $188,000 worth of property, including digital assets, from a Russian national involved in these illegal operations.
After China’s crackdown on the industry, Kazakhstan attracted many cryptocurrency miners with its cheap electricity, but they have been blamed for an increasing power deficit. Since the expansion of the sector, the government in Nur-Sultan has been taking steps to regulate it and the country’s growing crypto economy as a whole.in Kazakhstan in February. The legislation introduces a licensing regime for miners and obliges them to sell the bulk of their revenue on domestic-registered exchanges.
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