Fraudsters' crypto assets worth millions of dollars blocked in Kazakhstan
Date: 2025-04-09 Author: Henry Casey Categories: IN WORLD
The Financial Monitoring Agency of Kazakhstan (AFM) froze cryptocurrencies belonging to the organizers of financial fraud in the amount of $4.2 million. This was reported by the agency's chairman Zhanat Elimanov during a report to the country's president Kassym-Jomart Tokayev.
According to Elimanov, since the beginning of the year, the agency has focused on strengthening the protection of citizens from financial crimes. During this period, 24 financial pyramids were eliminated, and cryptocurrency assets worth 2.2 billion tenge were frozen. In addition, more than 5,600 fraudulent websites and 30 chats where criminal schemes were promoted were blocked.
As part of its activities, the AFM completed the investigation of 300 criminal cases, exposed six organized crime groups and ensured compensation for damages in the amount of 20 billion tenge (approximately $38 million). It was also possible to prevent misappropriation of state budget expenditures in the amount of more than $44 million.
Among the key initiatives of the agency is the introduction of amendments to legislation aimed at combating money laundering. These amendments, as Elimanov noted, will bring Kazakhstan closer to full technical compliance with the international standards of the Financial Action Task Force (FATF).
The AFM was created in 2021 and reports directly to the President of the country. The organization is engaged in the detection of financial and economic crimes, including in the cryptocurrency sector. The focus is on the fight against illegal mining, illegal exchangers and criminal turnover of digital assets.
At the end of 2024, the agency reported the liquidation of 42 financial pyramids and the blocking of 15 thousand fraudulent websites. In addition, 36 underground crypto exchangers with a total turnover of over $115 million were closed. Frozen and confiscated assets during that period amounted to 4.8 million USDT, which is equivalent to about 2.5 billion tenge.
Currently, to legally operate with cryptocurrencies in Kazakhstan, you must have a license and be registered with the Astana International Financial Center (AIFC). At the beginning of the year, President Tokayev took the initiative to accelerate the development of crypto infrastructure, emphasizing the importance of the country's digital competitiveness.
