Kazakhstan’s National Bank to Launch Crypto Analytics Centre to Combat Fraud
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The National Bank plans to strengthen its oversight of cryptocurrency transactions and establish a Cryptocurrency Analytics Centre. The centre will identify suspicious transactions and forward the information to law enforcement agencies, National Bank Chairman Timur Suleimenov announced, according to Orda.kz.
Suleimenov acknowledged that it would be impossible to eliminate fraud entirely from the cryptocurrency market. However, the authorities can make the sector more transparent and secure.
The cryptocurrency market exists whether we like it or not. Our task is therefore to make it transparent. That is precisely why we are establishing the Cryptocurrency Analytics Centre. A significant part of its work will involve tracking transactions and sharing information with the relevant law enforcement agencies. Can the market be 100% clean? That is a rhetorical question. There will always be people who try to use financial instruments for illegal purposes,Suleimenov said.
He advised Kazakhstanis to use only cryptocurrency platforms that comply with regulatory requirements and verify their customers through Know Your Customer (KYC) procedures. According to Suleimenov, regulated platforms are safer, while users face a much greater risk of encountering fraudsters on unregulated exchanges.
Original author: Alina Elgeldina
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