On November 10th, members of the upper house of the Kazakhstan Parliament passed a law that will implement financial surveillance on encrypted platforms.
These amendments are aimed at improving the country’s overall “anti-money laundering (AML)” framework, some of which involve cryptocurrency platforms. The bill was voted by the Senate and has yet to be approved by the President of Kazakhstan.
The law will ensure that the crypto industry is fully compliant and prevent money laundering in the following ways:
-Encrypted businesses and service providers will be subject to financial regulation.
-Focus on strengthening the prevention of money laundering of crime proceeds.
-Prevent the legalization of illegal funds.
-Encryption companies are required to notify their respective government agencies of their operations.
-The government will ensure compliance with KYC and AML regulations.