Kazakhstan blocked access to cryptocurrency exchange
Coinbase’s website for alleged violations of the country’s laws on digital
assets. The officials from Kazakhstan’s Ministry of Culture and Information confirmed
the restriction today (Tuesday), according to the local media outlet, Kursiv.
This decision followed the government’s enforcement
of the Law on Digital Assets, which became effective in February 2023. The
regulation aims to control the issuance and trading of digital currencies and
crypto exchange activities without a national license.
The move is part of Kazakhstan’s broader strategy to
establish more stringent regulations in the cryptocurrency sector, impacting
not only Coinbase but other major international crypto exchanges as well.
The Committee of Information under the Ministry of Culture
and Information blocked Coinbase based on a request by the Ministry of Digital
Development, Innovations, and Aerospace Industry. The crypto exchange allegedly
violated the provisions of the Law on Digital Assets.
Several cryptocurrency exchanges, including Binance,
Bybit, and Upbit, have already received approval from the Astana Financial
Services Authority (AFSA). Bybit was granted an ‘in-principle’ license in May,
allowing the exchange to operate a digital asset trading facility and provide
custody services at the AFSA. However, Coinbase, along with other exchanges
like Kraken, has…
