Kazakhstan Cracks Down on Illegal Crypto: 3,500 Exchanges Blocked and $120M Seized

During 2024, Kazakhstan’s National Security Committee, in collaboration with the Financial Monitoring Agency (FMA), blocked over 3,500 illegal online cryptocurrency exchanges. This information was disclosed in the latest FMA report. Additionally, in 2024, 36 physical cryptocurrency exchange with a total turnover exceeding $120 million were shut down, and assets worth USDT 4.8 million were frozen as part of measures to combat illegal activities.

It is worth noting that Kazakhstan has its own legal framework regulating the cryptocurrency sector, requiring all digital asset service providers to obtain a local license. Currently, cryptocurrency exchanges in Kazakhstan are allowed to operate exclusively within the jurisdiction of the Astana International Financial Centre (AIFC). The country officially recognizes 21 licensed service providers in the digital asset industry.

For a more detailed understanding of Kazakhstan’s legislation, feel free to contact us by filling out the contact form on our website. We offer legal consultations on obtaining licenses in various jurisdictions.