Kazakhstan Blocks Access to Prominent Financial Websites
The Ministry of Culture and Information in Kazakhstan recently made a significant announcement. It revealed that it had taken the decision to block access to several major financial websites in the country. Among those affected were popular sites like Coinbase, Interactive Brokers, and the New York Commodity Exchange (NYMEX).
The reason behind this abrupt move was cited as the alleged violation of Kazakhstan’s digital assets legislation. The Ministry claimed that it had identified fraudulent activities and non-compliance with the country’s regulations.
Access To Coinbase Restricted In Kazakhstan
The decision to block Coinbase was linked to the exchange’s cryptocurrency trading activities. The Ministry stated that this went against a specific law on digital assets in Kazakhstan. The Ministry of Culture explained that it had received a request from the Ministry of Digital Development, Innovation, and Aerospace Industry to take action. This was due to Coinbase’s operations being deemed non-compliant with the country’s regulations.
Per the Communications Act, internet service providers were obliged to restrict access to sites hosting prohibited information. This was the basis on which Coinbase and other sites were blocked.
Following public outcry and pressure from financial experts, access to Interactive Brokers and NYMEX was eventually restored. The Information Committee received a letter from the Financial Monitoring Agency requesting the resumption of access to Interactive Brokers. However, the reasons for restoring access to NYMEX were not explicitly explained.
The AIFC is the only territory in Kazakhstan where the trading of “unsecured digital assets” is permitted. It has granted operating licenses to several cryptocurrency exchanges. However, blocking foreign brokers and cryptocurrency exchanges in Kazakhstan has raised concerns among financial analysts. Some believe the blocking was a technical error due to certain internet protocol (IP) addresses being “inadvertently” included in the range of resources to be blocked.
Interactive Brokers is an American brokerage firm known for operating one of the largest electronic trading platforms in the United States. It is regulated by various financial authorities, including the US Securities and Exchange Commission (SEC) and the New York Stock Exchange (NYSE). The company serves many institutional and individual clients and provides access to a wide range of financial instruments, including cryptocurrencies.
The recent situation in Kazakhstan highlights the challenges and complexities surrounding the regulation of digital assets. As the country continues to navigate this evolving landscape, further clarity and dialogue will be essential in ensuring a balanced and secure environment for cryptocurrency trading and investment.
The stock of the exchange, trading under the ticker symbol COIN, has experienced a significant upward trend since October 27. During this period, it rose from $71 to reach $86.
### News source: bitcoinist.com