According to local media source Kursiv, the government of Kazakhstan has verified that Coinbase, the second-largest cryptocurrency exchange globally by trading volume, has been prohibited in the nation for breaking new crypto rules that went into force earlier this year.Digital asset exchanges that sell “unsecured digital assets” outside of the Astana International Financial Center are also prohibited by the Digital Assets law from issuing and distributing these assets.
According to the article, the government informed Kursiv that Coinbase was breaking this specific rule.
“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 with a request to block the Internet resource www.coinbase.com, which violates paragraph 5 of Article 11 of the Law of the Republic of Kazakhstan ‘On Digital Assets in the Republic of Kazakhstan,'” the ministry told the outlet.
After a rise in energy-intensive activity in response to a prohibition in China, Kazakhstan moved quickly to enact crypto regulations that cover exchanges as well as mining companies.