$15 Billion in Crypto Assets Withdrawn from Kazakhstan

The volume of crypto assets withdrawn from Kazakhstan has reached $15 billion, but the National Bank has yet to identify where these funds ended up, Orda.kz reports.

Deputy Chair of the National Bank Berik Sholpankulov shared this information during a briefing, attributing the situation to insufficient legal regulation in the digital asset sector in recent years.

Kazakhstan now plans to join an international system for monitoring cryptocurrency transactions. While specific names were not mentioned, this likely refers to platforms such as TRM Labs or Chainalysis, which are used globally to trace blockchain transactions and identify the holders of crypto assets.

When we become participants in the system, we will see and let you know. Perhaps we will announce a separate briefing, where we will say who transferred where, who stores funds in wallets in the gray zone where,
said Sholpankulov. 

According to the National Bank, upcoming measures include:

• Toughening criminal and administrative liability for the illegal withdrawal of crypto assets
  
• Introducing transparent regulatory frameworks for legitimate market participants
  
• Connecting to a global system for tracking cryptocurrency transactions

Until such tools are in place, the National Bank has no detailed information on the destination of the withdrawn funds. However, officials promise that once connected, they will identify violators and locate the assets.

Original Author: Ilya Astakhov