'The problem has not been solved': Tokayev on capital outflows via cryptocurrency

Tengrinews.kz — President Kassym-Jomart Tokayev has described illegal capital outflows as a direct threat to Kazakhstan’s economic security, pointing to the growth of shadow schemes, including underground cryptocurrency operations and tax evasion, citing the press service of Akorda.
Speaking at a meeting at the Financial Monitoring Agency, Tokayev said that under the new fiscal policy the government is receiving signals of an increase in cash payments aimed at concealing real business turnover.

“In retail trade, sellers openly quote two prices for goods — one for cashless payments and another for cash, excluding tax. This situation cannot be tolerated, because such practices undermine the state’s efforts to improve tax administration,” the President said.

Tokayev emphasized that money laundering and illegal capital withdrawal through underground crypto operations have become a serious problem. To date, more than 130 illegal crypto exchange platforms have been shut down, with a combined turnover exceeding 62 billion tenge. Assets worth 2.6 billion tenge have been seized as part of the related criminal cases.

“At the same time, social media continues to actively advertise money-to-crypto exchange services. This means the problem has not been solved. According to international organizations, our country is among the leaders in terms of capital outflows. Yet there are virtually no convictions for such crimes. Illegal capital flight is a direct threat to economic security. The Agency must submit concrete proposals on these issues,” Tokayev stated.