Kazakhstan Senate Approves Legislation To Monitor Crypto Service Providers
The Kazakhstan national parliament has passed a law that subjects crypto service providers to the country’s financial monitoring system. The law aims to protect investors and also prevent crypto-related crimes from happening. According to a local report, the legislation mandates crypto platforms in the country to follow Anti-Money Laundering (AML) regulations. It is called the law […]
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The Senate in Kazakhstan has approved amendments aimed at preventing the legalization of illicit funds which will affect companies dealing with digital assets, among others. The new legislation subjects crypto service providers to the country’s financial monitoring regime.
Senators Back Law Concerning Crypto Services in Kazakhstan
Members of the upper house in Kazakhstan’s parliament, the Senate, have recently adopted new legislation tailored to improve the prevention of the laundering of proceeds of crime and the financing of terrorism. Key provisions adopted....
The country's legislature has passed a law that would impose financial monitoring on crypto platforms. According to new legislation passed by the upper house of the country's national parliament today, crypto businesses in Kazakhstan may soon be subjected to Anti-Money Laundering (AML) regulations, as reported by local news outlet Vlast. The new law extends the country's financial monitoring system to cover crypto service providers.The new legislation would also establish a legal institution of public officials. When a firm launches its cryptocurrency trading service or issues digital....
According to the country's vice minister of energy, addressing the potential strain on Kazakhstan’s power grid from crypto miners “cannot be delayed any longer." Now responsible for the second-largest contribution to the Bitcoin hash rate, Kazakhstan’s energy grid may be unprepared to handle the addition of many cryptocurrency miners from China and others looking to capitalize on low-cost electricity.In a Wednesday report from Reuters, government officials in Kazakhstan estimate that unregistered crypto miners in the country could be consuming twice as much power as those registered to....
The legislation seeks to establish clearer guidelines for mining, taxes and licensing for service providers such as exchanges in the region.
Striga is the first VASP to be approved since Estonia enacted a new legal framework restricting service providers in the bitcoin and crypto ecosystem.