Kazakhstan continues its crackdown on illegal cryptocurrency activities. A court sentenced an unlicensed crypto trader to five years in prison.
Strict Penalties for Crypto Offenders
The nation’s Supreme Court disclosed that the convict, whose identity remains undisclosed, also faces a 10-year ban on issuing, trading, and mining cryptocurrencies. Authorities seized $4.19 million in fiat and crypto, which they will transfer to the Treasury.
The court revealed that the trader engaged in illegal trading of Bitcoin (BTC), Litecoin (LTC), and Ethereum (ETH) on various foreign platforms. He used exchanges like Nixmoney, Qiwi, Perfect Money, and Payeer for these transactions.
Additionally, the court found the man guilty of illegal crypto mining. However, it didn’t specify the coins mined or whether he used unauthorized connections.
A Shift in Kazakhstan’s Crypto Policies
Kazakhstan previously had a liberal stance on cryptocurrency and mining. However, following major blackouts in early 2022, the government intensified its crackdown. Now, authorities require all crypto-related firms to operate within the Astana International Financial Center.
Moreover, Kazakhstan’s anti-money laundering agency blocked illegal crypto transactions worth $75.4 million. This development suggests the government’s determination to strengthen regulations in the crypto space.
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