According to a post by Chinese journalist Wu Blockchain, the Kazakhstan government accused Coinbase of violating the Digital Assets Law.
In its statement, the Kazakhstan government stated that it blocked the website of Coinbase, the largest cryptocurrency exchange in the USA.
The Kazakh government has blocked Coinbase, accusing it of violating the Digital Assets Law by issuing and trading digital currencies and conducting cryptocurrency exchange operations without state permission. https://t.co/sp0147jCk3
— Wu Blockchain (@WuBlockchain) November 7, 2023
According to the statement, the Kazakhstan government accused Coinbase of issuing and trading digital currencies and conducting cryptocurrency exchanges without government permission.
The country's Ministry of Culture and Information explained the reason why Coinbase's website was blocked. According to the ministry, cryptocurrencies are traded on the exchange, which is against Kazakhstan legislation.
“The Information Committee of the Ministry of Culture and Information received a request from the Ministry of Digital Development, Innovation and Aerospace Industry of the Republic of Kazakhstan to block the website www.coinbase.com and accepted this request.
Because paragraph 5 of Article 11 of the current 'Digital Assets' Law states that the issuance and circulation of unsecured digital assets, as well as the activities of crypto exchanges for such assets, are prohibited in Kazakhstan, except for the Astana region. “
The ministry added in its statement that cryptocurrency exchanges Binance, CaspianEx, Biteeu, ATAIX, Upbit, Xignal&MT and Bybit have licenses to operate in Kazakhstan.
