Majilis has approved a new bill governing the regulation of cryptocurrencies, “On Digital Assets in the Republic of Kazakhstan,” along with four other Kazakhstan cryptocurrency mining regulatory bills.
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New crypto regulation in Kazakhstan. Also.Majilis has approved the bill “On Digital Assets of the Republic of Kazakhstan” and four related bills on the regulation of digital mining in Kazakhstan.
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— Didar (@didar_bekbau) December 7, 2022
Kazakhstan’s proposed regulations on digital mining and cryptocurrency use appear to aim to provide a more structured and controlled framework for mining and cryptocurrency use within the country.
Proposed measures include the introduction of licenses for digital miners, a new tax on corporate income and a value-added tax on individuals transacting in cryptocurrencies.
Furthermore, the circulation of cryptocurrencies and the activities of cryptocurrency exchanges remain prohibited on the territory of Kazakhstan, and such operations are under the control of an experimental legal regime with a license from the Astana International Financial Center (AIFC). Only allowed under
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It is planned to introduce a ban on advertising of cryptocurrency transactions, and for secured assets, by analogy with securities, special procedures for their regulation are introduced.
— Didar (@didar_bekbau) December 7, 2022
Ekaterina Smyshlyaeva, Deputy Chairman of the Economic Reform and Regional Development Committee of Majlis, said:
“In addition to compulsory certification, the bill introduces separate requirements for mining pools regarding the location of server capacity and compliance with information security regulations in Kazakhstan.”
Miners will be able to purchase power from the common power grid only in situations where there is a surplus and only through the KOREM exchange.
Power auctions, where the highest bidder wins, ensure that only the most economically stable end up gaining access to excess power on the grid.
In addition, it is proposed to ban the advertisement of cryptocurrency trading.
