Kazakh authorities have announced that the web-site of cryptocurrency exchange Coinbase has been blocked in the nation due to violations of the nationwide law on digital assets.
Coinbase has been blocked from trading by authorities in Kazakhstan
On the afternoon of November seven, 2023, the Ministry of Culture and Information of the Republic of Kazakhstan officially confirmed that it has blocked domestic users’ accessibility to the web-site of the cryptocurrency exchange Coinbase from at least September 2023. .
According to local media channel Kursiv, Ministry of Culture and Information of the Republic of Kazakhstan carried out orders assigned by quite a few government companies, in particular the word ordinance Ministry of Digital Development, Innovation and Aerospace Industry accusing Coinbase of violating Clause five, Article eleven of the National Digital Assets Law.
The Kazakh government has blocked Coinbase, accusing it of violating the law on digital assets by issuing and trading digital currencies and conducting cryptocurrency trading operations without the need of state permission. https://t.co/sp0147jCk3
— Wu Blockchain (@WuBlockchain) November 7, 2023
The Law on Digital Assets of Kazakhstan was enacted in February 2023, and in posting eleven, clause five, it plainly states: “prohibits the issuance and trading of digital assets and prohibits cryptocurrency trading activities without any national license” .
The law also prohibits cryptocurrency exchanges from carrying out any action associated to digital assets without the need of obtaining a license Astana Financial Services Authority (AFSA) operate a Astana International Financial Center (AIFC) – a particular financial zone of Kazakhstan.
As of currently, there are only seven licensed cryptocurrency exchanges working in Kazakhstan, which include CaspianEx, Biteeu, ATAIX, Xignal &MT, Binance, Upbit, and Bybit.
This is the official confirmation from the government of Kazakhstan, as the to start with reviews of difficulties accessing Coinbase appeared on September 14, 2023. included from the area media channel Finance.kz – run by fiscal analyst Andrey Chebotarev. Not only blocking accessibility to Coinbase, but also to Kraken and other important global exchanges this kind of as NYMEX AND Interactive brokers The major multinational brokerage company in the United States also identified itself in a comparable circumstance.
However, when the information of the blocking of the NYMEX and Interactive Brokers internet websites grew to become public and brought about outrage in the investment local community, in November 2022 accessibility to these websites was restored, entirely without the need of explaining the induce! It is well worth noting that the NYMEX exchange, which supports futures trading for Bitcoin and Ethereum, has not been granted any working license to the AIFC and does not meet the disorders of the AFSA at all!
As reported by Coinlive, Kazakhstan is at present the world’s major coin mining factory, regardless of government strain and the imposition of exceptionally higher taxes. At the similar time, they approach to set up a CBDC growth company, slowly transforming this area. Crypto-pleasant location. Additionally, Kazakhstan is doing work with Binance to advance a cryptocurrency regulatory framework.
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