Astana Workshop: Combating Crypto Scams in Central Asia

Leading industry professionals recently met in Astana, the capital city of Kazakhstan, to discuss the growing threat of cryptocurrency scams and their financial repercussions.

At a two-day workshop, which took place at Astana International Financial Centre(AIFC), the challenges posed by the spate of cryptocurrency scams were discussed by key stakeholders from the public and private sectors. 

Titled "Cryptocurrency in Central Asia: Navigating FATF Recommendation 15 - Challenges and Best Practices", the workshop also explored measures for ensuring ‘safe and responsible use of cryptocurrency’’. 

‘’The scale of the potential harm in crypto laid bare. Almost a billion dollars allegedly stolen in a single case. The execs are detained on charges of stealing 1.1 trillion  Won ($830 million) in cryptocurrency from 16,000 Haru Invest customers,” Asset Reality CEO Aidan Larkin said in a statement. 

Commenting on the need for a drastic solution, Aidan further stated that: “The crypto sector has to be held to a higher standard because the very attributes that make it so innovative and attractive are also the reasons we need to have effective regulation and robust enforcement capabilities”. 

Kazakhstan’s Growing Influence in Central Asia

Once ranked as the third-largest Bitcoin producer in the world, Kazakhstan's influence extends beyond its over 300 Bitcoin mines to include maintaining a liberal cryptocurrency law within the region.

The recently concluded capacity-building workshop, which began in 2023, is part of a larger project in the country that is aimed at strengthening the country’s financial system and ensuring the responsible use of digital assets.