Kazakhstan hardens rules for crypto exchanges after FTX collapse
The recent collapse of FTX has prompted Kazakhstan to propose new requirements for digital currency exchange platforms.
The Astana Financial Services Authority (AFSA) has published a draft aimed at storing and segregating customer assets following the collapse of Sam Bankman-Fried's crypto venture. The new measures involve improvements to the licensing system for crypto exchanges and also cover liquidity risk, proper disclosure and arbitrage risk checks.
"Overall, the regulatory framework is in the early stages of development, and it is necessary to observe how the DATF framework measures will work in practice," AFSA said in a statement. With the new rules, Kazakhstan, now a crypto-mining hub, is establishing controls on mining and seeking to expand the digital asset space.
