According to BlockBeats, on November 10, members of the upper house of the Kazakhstan Parliament passed a law that will implement financial monitoring on crypto platforms. These amendments are intended to improve the country’s overall “anti-money laundering (AML)” framework, some of which involve cryptocurrency platforms. The bill was voted through by the Senate and is still awaiting the approval of the President of Kazakhstan. In addition, the law will ensure that the crypto industry is fully compliant and prevent money laundering in the following ways: crypto businesses and service providers will be subject to financial supervision; focus on strengthening the prevention of money laundering of criminal proceeds; prevent the legalization of illegal funds; require crypto companies to notify their respective government agencies of their operations; the government will ensure compliance with KYC and AML regulations.
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