$15 billion in crypto pulled out of Kazakhstan due to lack of rules, central bank says
The post $15 billion in crypto pulled out of Kazakhstan due to lack of rules, central bank says appeared on BitcoinEthereumNews.com.
Some $15 billion worth of crypto assets have been transferred out of Kazakhstan as a result of insufficient regulations, the country’s central bank revealed. The announcement comes as financial authorities in Astana prepare to adopt comprehensive rules that will legalize and govern cryptocurrency investments and trading. Kazakhstan loses billions of U.S. dollars’ worth of digital currency Crypto assets for around $15 billion have been withdrawn from Kazakhstan, according to an estimate produced by the Central Asian nation’s monetary authority. The central bank’s Deputy Chairman Berik Sholpankulov unveiled the staggering total to local media this week, attributing the “leak,” in his words, mainly to the lack of proper regulations. Quoted by the Kazinform news agency, the official elaborated: “It’s a fact that administrative and legal regulation is not sufficiently structured so that citizens could invest safely.” At a press conference, Sholpankulov noted that financial regulators are now developing a more comprehensive approach that will tighten control over the circulation of digital assets and introduce criminal and administrative liability for illegal transfer of crypto funds abroad. In the future, the authorities in Astana will be able to track cryptocurrency transactions, he added, admitting it’s not currently possible to trace the $15 billion exported from the country so far. Kazakhstan now seeks to tap into a specialized system that will provide the technological means to do that. Sholpankulov also vowed to hold another briefing to share details about where the digital money was sent to and identify those who did it “name by name,” making it clear they will be subject to administrative and criminal prosecution. Kazakhstan moves to legalize crypto exchange and investment Cryptocurrency turnover has been growing in Kazakhstan since the country attracted a significant number of mining companies in the wake of the ban imposed on the industry by the…
Filed under: News - @ May 25, 2025 1:24 pm