Throughout 2023, Kazakhstan’s Financial Regulatory Agency (FMA) took action against approximately one thousand unregistered cryptocurrency exchanges, effectively preventing them from offering services to the nation’s residents. In an announcement featured on the government website on December 7, the FMA disclosed that access to 980 unauthorized platforms was denied, marking a significant move against illicit activities in the cryptocurrency sphere. The agency also initiated nine investigations into cases involving "illegal trading operations" and money laundering. FMA Chairman Ruslan Ostroumov shared these details during a meeting of the Eurasia-China Anti-Money Laundering Group.
The implementation of the Digital Assets Law in February 2023 aimed to regulate and restrict the creation and trading of digital currencies and cryptocurrency exchange activities unless officially licensed by the state. Kazakhstan's Astana International Financial Center (AIFC), functioning as a specialized economic zone, holds the authority to grant approvals for these operations, ensuring compliance with regulations.
Among the blocked unlicensed exchanges are some well-known international platforms. Notably, in November, reports surfaced that Kazakh citizens encountered difficulties accessing the Coinbase website following an order for its blockade issued by the Ministry of Culture and Information. A ministry representative clarified that the request to block access to Coinbase originated from another government agency, the Ministry of Digital Development, which accused the platform of violating the Digital Assets Act.
As of now, a select few platforms, including Binance, Bybit, CaspianEx, Biteeu, ATAIX, Upbit, and Xignal&MT, have received approval to operate within Kazakhstan under the legal framework provided by the state.
