Kazakhstan's Crypto Crackdown: 130 Platforms Shut, $16.7M Seized
Kazakhstan has stepped up its crackdown on illicit cryptocurrency activities. In 2023, the country closed 130 crypto platforms linked to money laundering schemes. Authorities also seized significant amounts of cryptocurrency and cash from illegal crypto mining operations and exchangers.
The closed platforms, totaling 130 in 2023 and 36 in 2024, are not typical crypto exchanges but function more like traditional currency exchange offices, often called crypto exchangers. Authorities have not explicitly identified the agency responsible for these shutdowns.
Last week, authorities confiscated $642,000 from illegal cryptocurrency mining activities. In total, the Financial Monitoring Agency of Kazakhstan has seized $16.7 million in cryptocurrencies connected to these operations.
To combat money laundering, new rules are planned. Bank card top-ups above 500,000 tenge ($925) will require verification of the sender's Individual Identification Number (IIN). The country is also considering confirmation methods for money transfers through mobile apps or SMS.
Despite allowing regulatory fees to be paid in stablecoins like Tether (USDT) and launching one of the region's first spot Bitcoin funds, Kazakhstan continues to tighten its grip on cryptocurrency activities. The establishment of the state-backed Alem Crypto Fund further demonstrates the country's commitment to building long-term digital asset reserves.
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