Kazakhstan Blocks Coinbase Over Alleged Violation of New Cryptocurrency Laws

Reports have emerged that Coinbase, the prominent cryptocurrency exchange, has been blocked in Kazakhstan due to an alleged breach of the country's newly implemented digital asset regulations.

According to local media outlet Kursiv, the Ministry of Culture and Information of Kazakhstan confirmed that access to the Coinbase website has been officially restricted within the country's borders.

In accordance with Clause 5 of Article 11 of the Law on "Digital Assets," Kazakhstan prohibits the issuance, circulation, and trading of digital currencies, as well as the operations of crypto exchanges dealing in such assets outside of the Astana International Financial Center (AIFC).

The Ministry of Digital Development accused Coinbase of failing to comply with these regulations and submitted a request to block the website across internet service providers in the country.

This development underscores Kazakhstan's strict approach to overseeing cryptocurrencies and exchanges within its jurisdiction. The country introduced the digital assets law earlier this year and established licensing requirements for crypto trading platforms following an increase in mining activities following China's ban. Nevertheless, the licensing requirements have posed challenges for international exchanges like Coinbase.

As of now, Coinbase has not issued an official statement regarding this situation in Kazakhstan, and it remains uncertain whether the company was formally providing services in the country before the block.

$BTC $ETH $BNB

#NewsAlert #educational #CoinbaseControversy #CryptoCurrents #CryptocurrencyManagement