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In a proactive move against financial crimes, the Kazakhstan delegation spearheaded discussions at a seminar on virtual assets during the 39th Plenary Week of the Eurasian Group (EAG) in Sanya, China. 
The seminar facilitated an exchange of experiences among participating countries, emphasizing the use of advanced technologies, including <a href="https://coingape.com/glossary/artificial-intelligence/" target="_blank" rel="noopener">artificial intelligence</a>, to effectively combat emerging threats in money laundering and terrorist financing. 
<h2 id="b-kazakhstan-strong-takes-proactive-steps-against-crypto-exchanges-strong-b">Kazakhstan Takes Proactive Steps Against Crypto Exchanges</h2> 
Head of Kazakhstan’s <a href="https://coingape.com/glossary/anti-money-laundering-aml/" target="_blank" rel="noopener">Anti-Money Laundering (AML)</a> Department, Ruslan Ostroumov, took center stage to showcase the country’s legislative regulations and stringent measures in combating the illegal turnover of digital assets. 
Ostroumov reported the blocking of 980 illegal <a href="https://coingape.com/glossary/crypto-exchange-2/" target="_blank" rel="noopener">cryptocurrency exchange</a> platforms this year, initiating nine investigations into illegal exchange operations totaling $36.7 million, coupled with ongoing preventive measures. 
The seminar’s participants and organizers lauded Kazakhstan’s proactive stance against financial crimes in the realm of virtual assets. 
Also Read: <a href="https://coingape.com/bloomberg-analyst-fuels-speculation-with-bitcoin-spot-etf-approval-timeline/?utm_source=24hrsupdateall">Bloomberg Analyst Fuels Speculation With Bitcoin Spot ETF Approval Timeline</a> 
<h2 id="strict-crypto-laws-for-virtual-asset-providers-vaps">Strict Crypto Laws For Virtual Asset Providers (VAPs)</h2> 
At a time when crypto is in the boom, Kazakhstan crypto laws make it even harder for exchanges to get registration. The Kazakhstan government previously ceased operating the <a href="https://coingape.com/kazakhstan-blocks-coinbase-amid-crypto-compliance-clampdown/" target="_blank" rel="noopener">Coinbase website</a> due to probable violations of the country’s digital asset legislation. 
The decision was made in response to the government’s passage of the law on digital assets, which took effect in February 2023. The rule prohibits the issuance and trading of digital currencies, as well as cryptocurrency exchange businesses, in the country without a license. 
As of now, the country has granted permission to Binance, Bybit, CaspianEx, Biteeu, ATAIX, Upbit, and Xignal &amp; MT to conduct trade. 
Talking about the laws, the <a href="https://coingape.com/kazakhstan-first-draft-law-on-crypto-mining/" target="_blank" rel="noopener">first crypto regulation draft</a> was pushed in September 2022 in Kazakhstan to regulate the virtual finance economy in the nation. 
The Kazakh crypto law generally provides a favorable legal environment for mining operations. In December 2020, the government formally legalized cryptocurrency mining within its borders. On May 6th, 2021, the National Bank of Kazakhstan announced its plans to issue a “digital tenge,” which is their version of a CBCD. 
All these regulations and issuance of CBDC point towards a broader crypto adaptation. Also, Kazakhstan is in the top 4 countries in terms of producing cryptocurrencies. 
Also Read: <a href="https://coingape.com/chainlink-link-price-bounces-back-with-20-target-and-strong-on-chain-metrics/?utm_source=24hrsupdateall">Chainlink (LINK) Price Bounces Back With $20 Target And Strong On-chain Metrics</a> 
The post <a rel="nofollow" href="https://coingape.com/kazakhstan-shuts-980-non-compliant-crypto-exchanges-in-2023/">Kazakhstan Shuts 980 Non-Compliant Crypto Exchanges In 2023</a> appeared first on <a rel="nofollow" href="https://coingape.com">CoinGape</a>.

Kazakhstan Shuts 980 Non-Compliant Crypto Exchanges In 2023

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