Kazakhstan Senate approves legislation regulating crypto service providers
According to new legislation passed by the upper house of the country's national parliament today, crypto businesses in Kazakhstan may soon be subjected to Anti-Money Laundering (AML) regulations, as reported by local news outlet Vlast.
The new law extends the country's financial monitoring system to cover crypto service providers.
The new legislation would also establish a legal institution of public officials. When a firm launches its cryptocurrency trading service or issues digital assets, it would have to notify the Ministry of Digital Development, Innovation and Aerospace Industry in Kazakhstan. The institution will be in charge of conducting a risk assessment, verifying that Know Your Customer and AML regulations are being followed.
