The amendments have been prepared to improve the nations AML framework as a whole and some of them concern cryptocurrency platforms. The law voted and approved by the Senate awaits the assent of the president of Kazakhstan.
The law ensures complete compliance of the crypto industry to prevent money laundering in the following ways:
Crypto businesses and service providers will be brought under financial monitoring.
Focusing on improving the prevention of laundering of crime proceeds.
Preventing legalisation of illicit funds.
Obliging crypto companies to notify the respective government bodies about operations.
The government will ensure that KYC and AML regulations are being followed.
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