The Kazakh Senate passes a law that subjects cryptoplate forms of financial surveillance - regulation

The Senate in Kazakhstan has approved changes that are intended to prevent legalization of illegal funds that affect companies that deal with digital assets. The new legislation subjects crypto service providers to the state's financial surveillance regime.

Senators support law on cryptodic services in Kazakhstan

Members of the Oberhaus of the Kazakh Parliament, the Senate, have recently passed a new law that is aimed at improving money laundering and terrorist financing. Essential provisions that have been adopted with a new law concern the establishment of the legal institute of the "civil servants" and their invoice test.

The changes were developed to improve the country's anti-money laundering frames as a whole, and some of them concern cryptocurrency platforms. A report by Sputnik Kazakhstan shows that the authors have proposed "to regulate the operation of providers of virtual assets".

During a plenary session, Senator Olga Perepechina found that legal persons who spend digital assets, organize their trade and provide services for the exchange of cryptocurrencies in cash, value and other property, are currently not falling within the scope of the financial surveillance system.

According to Perepechina, this leads to the spread of crimes in connection with money laundering and terrorist financing as well as to the expansion of the shadow economy. The culprit, including terrorists, are encouraged to use digital assets and electronic means in their settlements, the MP warned.

Olga Perepechina recalled that Kazakhstan passed a law to regulate digital technologies in June this year. It enables the output and distribution of digital assets in the country and in the Astana International Financial Center ( aifc ). The legislature now wants to undergo the companies that perform such activities.

The new provisions will oblige crypto companies to notify the respective government agencies when their business operations are admitted or terminated. It is planned to authorize the Ministry of Digital Development, Aerospace and Defense Industry as the main regulator.

Another proposal is to expand the powers of the financial supervisory authority, for example by receiving unrestricted access to the country's registry. Perepechina is of the opinion that this is necessary to ensure the transparency of the official information about the legal property of corporate organizations.

After the vote in the Senate, the President of Kazakhstan, Kassym-Jomart Tokayev, who has to sign it.

Complete about the Performance deficit confronted with Kasachstan Tokajew recently called for the" urgent "regulation of another Crypto activity, Bitcoin mining. With its low electricity prices, the Central Asian country is a coin for a coin, in the middle of a ongoing take part in China. Cryptocurrency mining workers are mainly responsible for increasing electricity consumption by 7 percent this year.

As far as crypto investments are concerned, the authorities recently Mountains of cryptocurrencies that are allowed to buy non-professional investors on domestic stock exchanges that are registered at the financial center in only-sultan. The supervisory authorities explained the restrictions with the need to protect private individuals from risks in connection with digital assets.