Kazakhstan steps up crackdown on crypto money laundering: AFM shuts down 130 platforms and seizes $16.7 million in cryptocurrencies, while preparing to create a state reserve in crypto.
Kazakhstan shuts down 130 illegal crypto platforms and seizes $16.7 million
Kazakhstan continues to clean up its crypto market: The Financial Monitoring Agency (AFM) has shut down 130 platforms involved in money laundering schemes this year.
An AFM representative told Cointelegraph, confirming local reports that the regulator is acting systematically and aggressively.
According to the agency, $16.7 million worth of crypto assets related to illegal transactions have been seized. Last week, the AFM also reported the seizure of $642,000 in its crackdown on illegal mining.
Such actions demonstrate the country’s dual course: a tough response to violations, but at the same time promoting the legal crypto industry in Central Asia.
New AML requirements for financial transfers
AFM Deputy Chairman Kairat Bizhanov announced the introduction of new rules for bank deposits:
“All transfers over 500,000 tenge ($925) will now require mandatory verification of the sender’s IIN,” Bizhanov said at a government meeting.
Previously, such operations required only the recipient’s IIN. The regulator is also considering the possibility of confirming transactions via a mobile app or SMS.
36 platforms last year, 130 this
For comparison: in 2024, the AFM closed only 36 illegal platforms, which is four times less than this year’s figures.
These services operated as “cryptoexchanges” — similar to currency exchange offices, rather than centralized exchanges.
At the same time, 20 licensed crypto providers are currently officially operating in Kazakhstan, according to the Astana Financial Services Authority (AFSA).
Among them are international players Bybit and WhiteBIT, which are included in the public register of regulated digital asset providers.
Kazakhstan is preparing a state reserve in cryptocurrencies
The country is trying to establish itself as a crypto hub in Central Asia.
Kazakhstan has already allowed the payment of regulatory fees in USDT stablecoins, launched the region’s first spot Bitcoin fund, and is working on creating a state crypto reserve.
It is not yet clear whether the $16.7 million in confiscated assets will be directed to this reserve — the legal framework for the project is still being developed.
“Kazakhstan is building a financial model in which cryptocurrency becomes part of the economic infrastructure, but only under strict rules,” AFSA experts note.
Related: Kazakhstan’s Fonte Capital Introduces Central Asia’s First Spot Bitcoin ETF
