Authorities in Kazakhstan have shut down 130 cryptocurrency exchanges that had been working with out official approval, in keeping with a report by The Occasions of Central Asia.
As a part of this large-scale effort, authorities additionally seized digital property valued at $16.7 million.
These actions had been introduced by Kairat Bizhanov, Deputy Chair of the Monetary Monitoring Company, throughout a current press briefing.
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He defined that, underneath present guidelines, cryptocurrency transactions are solely allowed by licensed platforms which are linked with Kazakhstan’s common banking system. These laws intention to stop monetary crimes and keep transparency in crypto buying and selling.
Throughout the identical operation, investigators additionally uncovered 81 separate teams that had been illegally exchanging crypto for money. These underground operations had reportedly processed over $43 million price of transactions.
In keeping with the company, many of those networks used faux identities to open financial institution accounts and switch funds in a means that made them exhausting to hint.
One of many main considerations raised by officers was the continued misuse of ATMs. The entire quantity withdrawn from money machines through the assessment interval reached $24.1 billion.
To assist cease this, the federal government launched new guidelines for financial institution card utilization. Each time greater than $913 is added to a card, the person should bear an ID verify utilizing each authorities information and a cell verification system.
Banks are additionally required to maintain ATM video recordings for not less than six months.
Just lately, Dubai’s Digital Property Regulatory Authority (VARA) penalized 19 crypto-related companies. Why? Learn the complete story.
