In the world of cryptocurrency, Kazakhstan has always been one of the major countries in Bitcoin mining. However, recently the Kazakh government announced that it would ban the operation of Coinbase, a well-known cryptocurrency trading platform, in the country. This move has attracted widespread attention and heated discussions in the industry, and may have a significant impact on both the Bitcoin mining industry and the cryptocurrency market.

The reason why the Kazakh government banned Coinbase from operating in the country is that they believe that the existence of this platform may have an adverse impact on the local Bitcoin mining industry. Kazakhstan has always been famous for its rich mineral resources, especially in the field of Bitcoin mining. However, the intervention of international cryptocurrency trading platforms such as Coinbase may change the pattern of the local mining market and affect the interests of local miners in Kazakhstan.

In addition, the Kazakh government is also worried that the existence of platforms such as Coinbase will aggravate local energy consumption problems. Bitcoin mining requires a lot of electricity support, and Kazakhstan, as a country with rich coal resources, has been working hard to balance the relationship between mining development and environmental protection. Therefore, the government is worried that the intervention of external platforms will aggravate local energy tensions and have a negative impact on the environment.

However, this move by the Kazakh government has also caused controversy. Some people believe that banning the operation of well-known cryptocurrency trading platforms such as Coinbase will have a negative impact on Kazakhstan's international image and business environment. In today's globalized world, cryptocurrency has become an indispensable part of the global financial system. Banning the operation of related trading platforms may make Kazakhstan lose its competitiveness on the international stage.

In this Bitcoin mining dispute, the Kazakhstan government needs to weigh the pros and cons and find a balance that can protect the interests of local miners and promote the development of the industry. Perhaps the government can guide external platforms to develop together with local industries by formulating clearer policies and regulations to achieve a win-win situation. After all, as an emerging industry, Bitcoin mining requires cooperation and joint efforts from all parties to continue to develop healthily.

In general, Kazakhstan's move to block Coinbase has triggered people's deep thinking about the Bitcoin mining industry and the cryptocurrency market. Under the wave of globalization and digitalization, governments need to be more open and inclusive, keep pace with the times, and find a path suitable for their own development. The Bitcoin mining dispute may be just a microcosm of the development of this emerging industry. Only by maintaining openness and cooperation can we jointly promote the cryptocurrency industry towards a more prosperous future.

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Coin Circle (120BTC.COM) News: Kazakhstan, a major Bitcoin mining country, announced the blockade of the crypto exchange Coinbase, and stated that the circulation and issuance of digital assets without collateral is currently prohibited in the local area, so it is necessary to apply to join the Astana International Financial Center AIFC to conduct related business in the local area.

Coinbase banned by Kazakh authorities

Currently, Coinbase's website in Kazakhstan has been blocked. The authorities said that Coinbase has illegally engaged in cryptocurrency trading business.

The Kazakh government stated that according to the provisions of the Digital Assets Law, Kazakhstan will prohibit the issuance and circulation of unsecured digital assets, as well as the related business of cryptocurrency exchanges for such assets, except for digital asset exchanges operating in the Astana International Financial Center (The
Astana International Financial Centre/AIFC).

Therefore, basically all exchanges in Kazakhstan need to join AFIC to operate, but joining requires obtaining the permission and operating license of the Kazakh Financial Services Authority (Astana Financial Services
Authority/AFSA). Currently, the cryptocurrency exchanges that have successfully obtained licenses and joined AFIC include, CaspianEx, Biteeu, ATAIX, Upbit, Xignal&MT and Bybit.

Coinbase is not currently a member of the AIFC, so the unsecured digital assets in the exchange will be regarded as illegal information and business by the authorities.

It has already obtained a permanent license from the Kazakh Financial Supervision Agency (AFSA) last year, and Zhao Changpeng also met with the President of Kazakhstan, successfully cooperated and announced that the future Kazakh CBDC will be integrated with BNBChian, and successfully established a foothold in the local market.

What is AIFC

The Astana International Financial Center AIFC was established in 2018. As an international business and financial center, it has an independent legal system and arbitration rights and is regulated by the Kazakh Financial Services Supervision Authority AFSA.

As long as Kazakh and foreign companies obtain a license to operate in the AIFC, the company can provide fintech services without immediately complying with all Kazakh regulatory requirements. Therefore, most companies in the crypto industry need to apply before they can conduct business locally.