In the wake of the FTX scandal that shook the global cryptocurrency market, <a href="https://ultramining.com/news/en/global-bitcoin-mining-activity-soars-hashrate-hits-record-high/" rel="noopener noreferrer nofollow">Kazakhstan</a> has announced plans to implement stricter regulations on the crypto industry. This decision comes as part of the country's efforts to bring cryptocurrency mining increasingly under state control, following the billion-dollar fraud case involving Sam Bankman-Fried, whose connections to local businessmen highlighted the need for regulatory oversight, according to <a href="https://novastan.org/en/kazakhstan/cleaning-up-after-ftx-kazakhstan-aims-to-regulate-the-crypto-industry/" rel="noopener noreferrer nofollow">Novastan</a>.
Kazakhstan, previously a haven for <a href="https://ultramining.com/news/en/hut-8s-q2-2023-a-bitcoin-mining-marvel/" rel="noopener noreferrer nofollow">crypto miners</a> due to cheap <a href="https://ultramining.com/news/en/minnesota-man-faces-accusations-of-electricity-theft-for-bitcoin-mining/" rel="noopener noreferrer nofollow">electricity</a> and lenient regulations, found itself at the center of the FTX saga. The country's government is now set to introduce new guidelines on trading digital assets, aiming to prevent such scandals in the future. This includes requiring state licenses for mining operations and mandating that at least 50% of the coins produced in Kazakhstan be traded through platforms registered with the Astana International Finance Centre (AIFC) by 2024, increasing to 75% by 2025.
The collapse of FTX, once the world's second-largest crypto trading platform, highlighted the volatile nature of the cryptocurrency industry and the risks of unregulated expansion. Kazakhstan's move to regulate the industry is seen as a step towards ensuring the stability and integrity of digital asset trading within its borders. The country continues to welcome crypto-related ventures, but under a new framework that ensures closer integration with state authorities and adherence to legal standards.&nbsp;&nbsp;

Kazakhstan Takes Steps to Regulate Crypto Industry Amid FTX Fallout

Ultramining_Eng

Other articles published on Apr 1, 2024

BlockDAG’s Payment Card Lures Investors Amid Cardano’s Bullish Surge & Ordi’s Price Analysis

Again This Year: An Altcoin Announces Receiving Massive Investment, Calls It April Fool’s Joke Af...

Ripple (XRP) & Litecoin (LTC) Holders Rally Around Kelexo (KLXO) Easter Presale, Eyeing 10X Profi...

SOLmail and SolSnap: Pioneering Blockchain Interactivity

FTX Bankruptcy Estate Ready with a Repayment Plan; FTT Bleeding!

Bitcoin Halving: What; When; and Why?

Join our free newsletter for daily crypto updates!