search icon
      blog search icon

      Kazakhstan’s Crackdown, FTX Gets a License - Stocks Telegraph

      By Ammar Mukhtar

      Published on

      March 15, 2022

      2:09 PM UTC

      Kazakhstan’s Crackdown, FTX Gets a License - Stocks Telegraph

      According to a government statement issued today, Kazakhstan’s crackdown on illegal crypto mines has forced another 106 miners to cease operations.

      As per the assertion, 55 of the mines shut deliberately and 51 had to close after examinations by the country’s monetary checking organization and other state bodies. As indicated by the assertion, the 51 are associated with duty and customs avoidance as well as wrongfully putting hardware in extraordinary monetary zones.

      The reviews uncovered that some notable political and business figures were engaged with cryptographic money mining. As per the assertion, they included Bolat Nazarbayev, the sibling of previous President Nursultan Nazarbayev; Alexander Klebanov, administrator of Central Asian Electric Power Corp., which gives power to multiple million individuals, as per its site; and Kairat Itegmenov, Forbes’ seventeenth most extravagant man in Kazakhstan.

      Since the fall of 2021, the Central Asian nation has been managing serious power deficiencies, owing to a limited extent to a flood of crypto diggers from China, yet additionally to foundation disappointments. To address the energy emergency, the public authority has chosen to get serious about unlawful mines.

      Altogether, the monetary checking organization has opened 25 lawbreaker cases and held onto 67,000 machines esteemed at 100 billion Kazakh tenges ($193 million), as per explanation.

      In late February, the public authority said it busted 202 megawatts worth of illicit crypto mines.

      FTX Europe gets a License in Dubai

      FTX Europe, the newly established European unit of crypto exchange FTX, became the first company to be granted a licence to operate a cryptocurrency exchange and trading house in Dubai.

      The exchange will be able to test crypto derivatives for institutional investors thanks to the licence. The licence comes just a week after Dubai announced the formation of the Virtual Asset Regulatory Authority (VARA), which will be in charge of regulating the cryptocurrency sector.

      When the news broke, Sheikh Mohammed bin Rashid Al Maktoum tweeted that the independent authority would “oversee the development of the best business environment in the world for virtual assets in terms of regulation, licencing, governance, and alignment with local and global financial systems.”

      FTX receiving this authorization is an extension of our quest to be at the forefront of licencing and regulation around the world, said Sam Bankman-Fried, CEO of FTX, in a press release on Tuesday.

      Binance, FTX’s competitor, received a licence to operate in Bahrain earlier this week, effectively expanding its Middle Eastern presence. Binance is also said to be in talks to obtain a licence in Dubai.

      More From Stocks telegraph