Express
Kazakhstan to Implement Financial Monitoring on Local Cryptocurrency Businesses
Summary: The government of Kazakhstan reportedly plans to put local companies working with digital assets under its regulatory scope. According to a proposed bill, those entities will have to give detailed information about their crypto operations to the country’s financial watchdogs to prove they have no connections to money-laundering schemes. Olga Perepechin – a member of ...
The government of Kazakhstan reportedly plans to put local companies working with digital assets under its regulatory scope. According to a proposed bill, those entities will have to give detailed information about their crypto operations to the country’s financial watchdogs to prove they have no connections to money-laundering schemes.
Olga Perepechin – a member of the Parliament – noted that the move aims to reduce the risks of money laundering and terrorism financing. Currently, individuals and companies dealing with digital assets in the Asian state are outside financial monitoring, which makes crypto transactions attractive to criminals: “This leads to the spread of crimes in the field of money laundering and terrorism financing, including the shadow economy. It stimulates bad actors to use virtual assets in settlements.”
Nevertheless, the President of the country – Kassym-Jomart Tokayev – will have the final word on whether this legislation becomes official.
By Amy Liu
Tags: Cryptocurrency,Kazakhstan,Regulation
Link: Kazakhstan to Implement Financial Monitoring on Local Cryptocurrency Businesses [Copy]
