Kazakhstan Plans Stricter Crypto Regulations

Kazakhstan Plans Stricter Crypto Regulations

23 May Crypto News

Following a startling $15 billion capital exodus in 2023, a large share of which has been connected to uncontrolled crypto activity, Kazakhstan’s central bank authorities are attempting to enforce stricter cryptocurrency rules.

Timur Suleimenov, Governor of the National Bank of Kazakhstan, announced it on May 16 during the Astana International Financial Forum. Suleimenov claims that the administration is now resolved to act more aggressively since it has found inadequate regulatory control as the main cause of the capital flight.

Crypto’s Role in Capital Flight

Suleimenov underlined in his comments that although acceptance of cryptocurrencies in Kazakhstan has grown, the infrastructure to control it has not caught up.

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