In recent developments, Kazakhstan’s Ministry of Culture and Information recently announced the blocking of several prominent financial websites in the country, including Coinbase, Interactive Brokers, and the New York Commodity Exchange (NYMEX). The move comes in response to all...
In recent developments, Kazakhstan’s Ministry of Culture and Information recently announced the blocking of several prominent financial websites in the country, including Coinbase, Interactive Brokers, and the New York Commodity Exchange (NYMEX).
Access To Coinbase Restricted In Kazakhstan
The blocking of Coinbase was carried out under the provisions of the Communications Act, which obliges internet service providers to restrict access to sites hosting prohibited information.
In addition to Coinbase, the websites of Interactive Brokers and NYMEX were also blocked. The Ministry of Information explained that Interactive Brokers was added to the “Cyber Supervision” system database by the Agency for Regulation and Development of the Financial Market (ARRFR) due to suspected involvement in financial pyramid schemes and other fraudulent operations.
However, following public outcry and pressure from financial experts, access to Interactive Brokers and NYMEX was restored.
The Information Committee received a letter from the Financial Monitoring Agency requesting the resumption of access to Interactive Brokers, and based on this letter, an order was issued to restore access to the website. The reasons for restoring access to NYMEX were not explicitly explained.
Regulatory Confusion?
However, a work permit for the AIFC is issued by the Astana Financial Services Regulatory Committee (AFSA), and it appears that NYMEX does not possess such authorization.
The company serves many institutional and individual clients and provides access to a wide range of financial instruments, including cryptocurrencies.
All around, the recent blocking of Coinbase, Interactive Brokers, and NYMEX highlights the challenges and complexities surrounding the regulation of digital assets in Kazakhstan.
As the country continues to navigate this evolving landscape, further clarity and dialogue between regulatory bodies, financial institutions, and industry participants 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.
Featured image from Shutterstock, chart from TradingView.com