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Kazakhstan has made a significant move to curb illegal crypto activities by shutting down 36 illegal cryptocurrency exchanges and seizing assets worth $4.8 million. This drastic measure is aimed at combatting money laundering and ensuring financial stability.
According to reports, the country’s Financial Monitoring Agency (FMA) took swift action against these unlicensed platforms, which processed transactions worth a staggering $112.8 million. The FMA emphasized the importance of verifying users and monitoring suspicious activities to prevent fraudulent deals that often fund cybercriminal activities and drug dealing.
The authorities’ efforts have resulted in the shutdown of over 3,500 unlicensed crypto platforms, revealing two major pyramid schemes during these operations. This significant achievement has led to the recovery of $545,000 in stolen funds being returned to victims and the freezing of an additional $120,000 in assets.
Despite this success, the country’s regulatory body remains vigilant and focused on eliminating unauthorized financial activities that pose a risk to financial stability. To achieve this goal, they plan to strengthen financial monitoring tools and tighten regulations to close loopholes exploited by illegal operators.
The government is also taking steps towards building a secure and transparent financial ecosystem. Kazakhstan is committed to balancing innovation with financial security and has announced plans to launch its Central Bank Digital Currency (CBDC), known as the Digital Tenge, by 2025. This ambitious project aims to enhance transaction transparency and bring about significant changes to the country’s financial system.
The integration of the Digital Tenge with global payment systems, including Visa and Mastercard, will enable users to make payments through platforms like Apple Pay and Samsung Pay. The move is seen as a crucial step towards creating a stable environment for licensed cryptocurrency exchanges and digital currency adoption in the country.
In conclusion, Kazakhstan’s decisive actions demonstrate its commitment to ensuring financial stability and security.
Source: cryptonewsland.com
