🚨🇰🇿 Kazakhstan launches massive cleanup campaign in the cryptocurrency market!
In a surprising move, the Financial Monitoring Agency (AFM) in Kazakhstan has launched a comprehensive campaign against illegal cryptocurrency trading 👮♂️💰
🔹 Initial results:
• Closure of 130 unlicensed trading platforms that were used for money laundering.
• Seizure of cryptocurrencies worth 16.7 million dollars.
🔹 According to the law:
Only platforms licensed by the Astana Financial Services Authority (AFSA) can operate within the country, and the rest are considered illegal. ⚠️
🔹 Tightening oversight on fraud and suspicious transactions:
• 81 underground groups revealed with total transactions of 43 million dollars.
• Cash withdrawals amounting to 24 billion dollars through ATMs in one year.
• New rules: When loading a card with more than 500,000 tenge (≈1000 dollars), the national ID number (IIN) must be entered and the transaction confirmed via the banking app.
🔹 Cracking down on fake companies:
3,600 fake companies linked to fraud amounting to 511 million dollars have been dismantled! 💥
📊 Analysis:
Kazakh authorities are moving seriously to regulate the crypto market, transforming it from chaotic to an organized environment similar to advanced models in the UAE and Singapore.
The goal: to reduce money laundering and attract legal investments in the long term.
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$KEY
