Kazakhstan just lowered the boom on illegal crypto trading. The nation recently shut down about 130 unlicensed online exchanges. This crackdown is part of a bigger fight against financial wrongdoing, which includes big transactions, money laundering, and people using others’ bank accounts to hide money. The authorities want to stop these sneaky practices that get around legal checks.
Officials didn’t stop there. They also seized digital assets worth a hefty $16.7 million. This move marks one of the country’s most significant steps to control its financial system. It also shows Kazakhstan’s tricky balancing act: it wants to grow its blockchain sector but also needs to keep a tight grip on financial crime.
A Big Operation and Record Numbers
Kairat Bizhanov, the deputy head of the Agency for Financial Monitoring (AFM), confirmed the closure of 130 unlicensed platforms. These platforms were involved in money laundering schemes. Regional news outlets reported the $16.7 million in seized assets, as noted by Cryptopolitan.
During a government meeting, Bizhanov pointed out that since early 2025, authorities found 81 criminal groups. These groups ran illegal "cash-out" schemes. They moved over 24 billion tenge, which is about $44 million. This amount is much higher than what they saw last year.
Bizhanov explained that big risks come from anonymous transactions. Another issue is "financial mules." These are people who let criminals use their bank accounts to move dirty money.
New Rules to Stop Money Laundering and Hidden Deals
To fight these problems, the AFM and the National Bank of Kazakhstan (NBK) put new rules into place. Now, if you add more than 500,000 tenge (about $900) to a debit card, you will need to show personal identification. You must also confirm the transaction through a mobile banking app.
Banks also have to keep ATM camera recordings for at least 180 days. The government plans to use facial and fingerprint recognition for all cash transactions in the future. This will help them track suspicious movements better.
Other countries are taking similar steps. For example, regulators in Russia limit cash withdrawals to $600 a day if transactions look suspicious. This helps stop "money mules" or "droppers."
Kazakhstan’s Mixed Messages on Crypto Policy
These strict new rules come as Kazakhstan also tries to become a major regional hub for the crypto industry. The Astana International Financial Centre (AIFC) was set up to attract blockchain companies and exchanges. It issues licenses through the Astana Financial Services Authority (AFSA).
Under the "On Digital Assets" law, only platforms licensed by the AFSA can operate legally. However, authorities had talked about expanding these licenses beyond the AIFC. This would let exchanges operate in other regions. But that idea has not happened yet.
So, any exchange outside the AIFC is still considered illegal. This is true even if it plans to get regularized later. This situation has caused confusion for companies hoping to join an expanded legal framework.
Kazakhstan: Balancing Mining and Regulation
Kazakhstan is one of the world’s biggest centers for Bitcoin mining. The country has a complicated relationship with the crypto sector. Sometimes, it blames miners for power outages and lost taxes. But the government also admits it collected over $31 million in taxes from the industry in the last three years.
Astana wants to be known as a reliable spot for new financial ideas in Eurasia. But this crackdown on illegal exchanges shows something clear. The immediate goal is to fight money laundering and improve technology oversight in the financial system.
🚨 Kazajistán cierra 130 exchanges ilegales 🚨
Se incautaron activos digitales por USD $16,7 millones en un esfuerzo por combatir el lavado de dinero.
Las nuevas regulaciones exigirán identificación para recargas superiores a USD $900.
El paÃs busca equilibrar el control… pic.twitter.com/OoqmPi7FsE
— Diario฿itcoin (@Blaze Trends)