The Senate in Kazakhstan has approved amendments aimed at preventing the legalization of illicit funds which will affect companies dealing with digital assets, among others. The new legislation subjects crypto service providers to the country’s financial monitoring regime.

Senators Back Law Concerning Crypto Services in Kazakhstan

Members of the upper house in Kazakhstan’s parliament, the Senate, have recently adopted new legislation tailored to improve the prevention of the laundering of proceeds of crime and the financing of terrorism. Key provisions adopted with a new law pertain to the establishment of the legal institute of ‘public officials’ and their financial auditing.

The amendments have been designed to improve the nation’s anti-money laundering framework as a whole and some of them concern cryptocurrency platforms. A report by Sputnik Kazakhstan reveals that the authors have proposed “to regulate the operation of virtual asset providers.”

Kazakhstan Senate Adopts Legislation Subjecting Crypto Platforms to Financial Monitoring

During a plenary session, Senator Olga Perepechina noted…

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Source: https://news.bitcoin.com/kazakhstan-senate-adopts-legislation-subjecting-crypto-platforms-to-financial-monitoring/