Kazakhstan, an rising cryptocurrency hub in Central Asia, has been cracking down on illicit exercise within the cryptocurrency sector, shutting down dozens of crypto platforms this yr.
Kazakhstan’s Monetary Monitoring Company (AFM) has taken down 130 crypto platforms concerned in cash laundering schemes this yr, a spokesperson for the company instructed Cointelegraph on Wednesday.
The authorities have additionally seized $16.7 million in varied cryptocurrencies linked to those unlawful operations, the AFM consultant stated, confirming native reviews from Tuesday.
Final week, AFM additionally reported seizing $642,000 from unlawful mining operations in Kazakhstan, underscoring the nation’s strict stance on illicit crypto actions whereas persevering with to advertise crypto adoption.
New AML measures for cash transfers
As a part of the efforts to curb illicit monetary exercise, Kazakhstan is reportedly introducing new necessities for cash transfers.
In keeping with AFM Deputy Chairman Kairat Bizhanov, all financial institution card top-ups with an quantity exceeding 500,000 tenge ($925) would require necessary verification of the sender’s Particular person Identification Quantity (IIN).
“Beforehand, solely the recipient’s IIN was required. Moreover, the likelihood to verify the transaction through a cell app or SMS is being thought-about,” the official stated at a current authorities assembly, the native information company Baq.kz reported.
Kazakhstan took down 36 crypto platforms final yr
Addressing the shutdown of 130 crypto platforms in Kazakhstan this yr, an AFM spokesperson emphasised that these platforms differ from standard centralized crypto exchanges (CEXs).
These platforms perform extra like conventional foreign money trade workplaces and are generally known as crypto exchangers.
The variety of crypto exchangers shut down in Kazakhstan noticed a notable improve in 2025, with the AFM reporting solely 36 such platforms taken down final yr.
According to the general public register of digital asset service suppliers maintained by the Astana Monetary Companies Authority (AFSA), 20 crypto platforms had been authorised to function in Kazakhstan as of the time of publication.
Among the many authorised suppliers, the register contains main trade CEXs, together with Bybit and WhiteBIT.
Associated: CBDCs vs stablecoins: Kazakhstan says Evo not a rival to digital tenge
Kazakhstan’s efforts to fight illicit monetary exercise in cryptocurrency emerged amid the nation’s makes an attempt to ascertain itself as a significant hub for cryptocurrency in Central Asia.
The nation has pioneered the cost of regulatory fees in stablecoins, resembling Tether USDt (USDT), launched one in every of Central Asia’s first spot Bitcoin (BTC) funds, and is shifting to ascertain a state-backed crypto reserve.
It stays unclear whether or not the seized $16.7 million might be allotted to Kazakhstan’s potential crypto reserve, as the federal government’s authorized framework for the reserve continues to be being finalized.
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