Kazakhstan Reminds Citizens of Bitcoin Payment Illegality
Date: 2024-03-08 Author: Dima Zakharov Categories: IN WORLD
Reminder of Bitcoin's Illegality
The Financial Monitoring Agency of Kazakhstan has reminded citizens of the country about the illegality of utilizing virtual currencies as a means of payment. Despite the prohibition, there has been an increase in Bitcoin and other cryptocurrency transactions within Kazakhstan.
Licensing Requirements for Exchanges
Trading platforms are required to obtain licenses from the International Financial Center "Astana". Presently, only Binance, CaspianEx, Biteeu, ATAIX, Upbit, Xignal&MT, and Bybit are legally operating exchanges in the republic.
Prohibition of Unbacked Digital Assets
Authorities have emphasized the prohibition of issuing unbacked digital assets, including Bitcoin and Ethereum, in Kazakhstan.
Recent Actions by the Financial Monitoring Agency
Last year, the Financial Monitoring Agency blocked access to 980 services that provided virtual currency exchange services. These platforms were serving investors without the necessary license from the International Financial Center "Astana".
The move reflects the government's efforts to regulate and monitor cryptocurrency activities within the country despite its illegal status as a payment method.
