(Vlast) Crypto businesses in Kazakhstan could soon be required to adhere to Anti-Money Laundering regulations following approval in the country’s upper house.
The new regulation will create a legal institution of public officials. A crypto business that launches a crypto trading service or issues the tokens will be required to notify the Ministry of Digital Development, Innovation and Aerospace Industry.
Senator Olga Perepechina cites the risk of money laundering and terrorism financing as key drivers in the new law.
President Jomart Tokayev is yet to approve the proposed law. He has, in the past, called for regulation of Bitcoin mining following an influx of miners from China.
Kazakhstan currently ranks in the second position in the minish hash rate after the US. The crypto mining industry is expected to contribute more than $1.5 billion to the country in the next five years.
BTCUSD is up +4.31%, ETHUSD is +2.47%.
