Kazakhstan Tightens Grip on Crypto: Coinbase and More Platforms Blocked
Kazakhstan has recently imposed restrictions on major cryptocurrency platforms, including Coinbase, as part of its strict regulatory approach to the crypto sector, citing violations of local laws as the reason.
The Ministry of Culture and Information in Kazakhstan confirmed that access to Coinbase was restricted due to concerns about its non-compliance with Kazakhstan’s Digital Assets Law, enacted in February 2023.
This law prohibits digital currency issuance and trading without a national license from the Astana International Financial Center (AIFC).
Additionally, other international platforms, like Interactive Brokers and NYMEX, faced blockages for similar reasons.
Interactive Brokers was flagged for potential “financial pyramid and other fraudulent transactions,” and NYMEX’s website was blocked for trading cryptocurrency futures outside the AIFC’s jurisdiction without the necessary permits from the Astana Financial Services Regulatory Committee (AFSA).
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While the bans on Interactive Brokers and NYMEX were lifted later, the reasons behind this reversal remain undisclosed.
These actions have raised concerns among local and foreign companies and caused difficulties for local investors.
They also question Kazakhstan’s stance on cryptocurrencies and foreign financial service providers in the evolving digital landscape, reflecting the uncertainties and challenges in the region’s crypto industry.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
