Kazakhstan's Cryptocurrency Market is Rising Again! 🇰🇿

Recently, Kazakhstan's regulatory agency AFM RK announced that it has successfully blocked more than 3,500 illegal cryptocurrency exchanges. This large-scale operation is a joint effort between the National Security Committee and the Ministry of Culture and Information, aimed at maintaining market order. Previously, in 2023, authorities also blocked access to Coinbase, demonstrating strict enforcement of laws regarding digital assets.

In 2024, the regulatory agency shut down 36 illegal exchanges, with a total trading volume of up to 60 billion tenge (approximately 11.3 million USD), and froze assets worth 4.8 million USDT. At the same time, two cryptocurrency pyramid schemes were exposed, successfully returning 545,000 USDT to victims.

AFM stated that it will continue to cooperate with international partners to strengthen the regulation of cryptocurrency trading, combat its use in criminal activities, and develop legal amendments to ensure compliance of digital asset providers. 🔍