Kazakhstan blocks Coinbase due to cryptocurrency regulations
Key Takeaways
- Kazakhstan’s Ministry of Culture and Information confirmed that the Coinbase website has been blocked under the country’s strict cryptocurrency regulations.
- The Digital Assets Act requires national licensing for cryptocurrency exchanges and makes the AIFC the lead authority for approval.
- Kazakhstan’s cryptocurrency mining industry is facing severe challenges due to high energy prices and regulatory hurdles.
Officials in Kazakhstan have confirmed that they are blocking the Coinbase website for local users.. This indicates an increase in regulatory action by countries on cryptocurrency activities.
Coinbase’s ban, which has been in effect since last September, has been officially implemented. Approved by Kazakhstan Ministry of Culture and InformationAs revealed in a report by Kazakh news agency Kursiv on November 7.
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Guidance on this action has been initiated by the Department of Digital Development, citing: Coinbase Violates Kazakhstan’s Digital Asset Law.
This law, which came into effect in February 2023, strictly enforces Issuance, trading, and exchange activities related to digital currency without a license are prohibited. Acquired domestically.
The Astana International Financial Center (AIFC), the governing body responsible for issuing such licenses in the special economic zone, has so far Only approved by certain cryptocurrency exchange groupsIncluding Binance, Bybit, and a few others.
news of Coinbase website outage first surfaced in September Via local Telegram channel Finance.kz Several major international cryptocurrency exchanges, such as Kraken, have also been blocked. By what is called the “Great Kazakh Investment Firewall”.
Kazakhstan Strong stance on governance of the cryptocurrency mining sector, which is one of the largest worldwide. The crisis came as eight prominent cryptocurrency mining companies sent an open letter to President Kassym-Jomart Tokayev in October discussing the “very painful situation” facing the industry due to rising energy costs. It was escalating.
Kazakh authorities’ recent confirmation of the Coinbase website block highlights Kazakhstan’s strict stance on cryptocurrency regulation. With strict government supervision of mining operations and implementation of a national licensing system, Kazakhstan is creating a tightly controlled digital asset environment.
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