Hate card for the most powerful of card effects. Reminds me of the kinda thing that would be reprinted in a masters set for legacy/vintage sideboards.

Flavor: Attempted to fit into magic story; might not age well. The secret and powerful relic is a way for the god of magic (Alrund is the closest thing I could find in MTG lore) to make sure nobody casts spells deemed too powerful. (sort of like DND has a law against 10th+ level spells) It has some level of self awareness. Basically a Plot-Device used to stop magical shenanigans (like eldrazi breaching the plane or a ritual of similar magnitude to the elder-spell)

... Now that I think about it, Kaldheim might not be the best place for me to put this, because Vorinclex.

Hmm. The trigger timing here is fiddly. How about:

"Exile ~ from your hand: The next time target spell or ability an opponent controls would cause that player to... instead counter that spell or ability and draw a card."

This effect doesn't work neatly. You try to counter a spell while it is already resolving.

I wonder whether a Silence on these effects with a delayed cantrip that checks for "When one such ability is prevented by this ability for the first time" would work; would certainly be a headache with multiples...

Just a little weird detail, but why does this even have a casting cost?

Countering a spell while it's resolving is supported within the rules, and happens occasionally, I think.

I don't think you can properly look ahead and counter a spell based on what it's going to do. (Don't @ me with examples from the 90s that only work by fiat.) It's probably better to specifically prevent the listed events, e.g.

> the next time a spell or ability an opponent controls would cause that player to X, instead they don't and you draw a card.