Coinbase's website has been blocked by the direction of the Ministry of Culture and Information of Kazakhstan
The authorities cited the Law on Digital Assets, enacted in February 2023, that forbids the issuance and trading of digital currencies and the crypto exchange operation without a national license, according to reports.The Ministry of Culture and Information of Kazakhstan has officially confirmed they have blocked the Coinbase website in the country. The authorities of Kazakhstan have been blocking local IPs' access to Coinbase since September at least.
The Law on Digital Assets, enacted in February 2023, bans the issuance and trading of digital currencies and the crypto exchange operation without a national license. The in-principal approval to operate is granted by the authority of the Astana International Financial Center , a special economic zone of Kazakhstan.So far, Binance, Bybit, CaspianEx, Biteeu, ATAIX, Upbit and Xignal&MT have been approved by the AIFC Financial Services Authority.
The first reports about the problems with accessing the Coinbase website appeared in September, when the local Telegram media Finance. kzthat the “great Kazakh investment firewall” blocks access not only to Coinbase but also to Kraken and other major international crypto exchanges. Kazakhstan has taken a stringent regulatory approach to crypto, including around its mining sector which is one of the largest in the world. In October, eight major cryptocurrency mining operators signed an open letter to President Kassym-Jomart Tokayev, claiming that the crypto-mining industry is in a “very distressful situation” because of
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Insights from Coinbase's Q3 Earnings ReportNoelle Acheson is the former head of research at CoinDesk and Genesis Trading. This article is excerpted from her Crypto Is Macro Now newsletter, which focuses on the overlap between the shifting crypto and macro landscapes. These opinions are hers, and nothing she writes should be taken as investment advice.
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