A new legislation passed by the upper house of the country’s national parliament today confirms that crypto businesses in Kazakhstan may soon be subjected to Anti-Money Laundering regulations.
The new law extends the financial monitoring system to cover crypto service providers.
The new regulation would also create a legal institution of public officials. When a firm launches its cryptocurrency trading service or issues digital assets, it would have to notify the Ministry of Digital Development, Innovation and Aerospace Industry in Kazakhstan.
Kazakhstan’s financial monitoring system presently do not cover legal entities that handle digital assets, organize trade, or offer services for the conversion of cryptocurrencies into cash.
The proposal has not yet been approved by the country’s president, who called for regulation on Bitcoin mining, noting the country’s power deficit. The Central Asian nation, which has some of the world’s cheapest electricity, has become a Bitcoin mining hotspot amid an intensified Chinese crackdown.
