The purpose of the package of four projects is to create a legislative framework for the industry of mining and circulation of secured and unsecured cryptocurrencies.
Ekaterina Smyshlyaeva, a member of the Committee on Economic Reform and Regional Development of the Mazhilis of Kazakhstan, said that the parliament intends to introduce electricity consumption standards in the crypto industry. The bills give the Ministry of Energy of Kazakhstan the authority to set quotas for volumes depending on the balance of the system. The deputy drew attention to the fact that earlier mining activities were mainly carried out by non-residents of Kazakhstan:
“Kazakhstan has been used as a raw material appendage of the blockchain industry. By bills, we oblige miners to be licensed in the republic, that is, to create legal entities and become full-fledged subjects of taxation. Mining pools are also becoming part of the economy. The bills provide a connection between the production and circulation of digital assets in one ecosystem. At the same time, the activities of miners and mining pools will be regulated and licensed by the Ministry of Digital Development, Innovation and Aerospace Industry.”
The deputy said that a new financial institution is developing in the ecosystem being created – Kazakh crypto-exchanges.
“Support for their activities will be carried out by introducing a mandatory requirement for miners to exchange up to 75% of their capital on domestic crypto exchanges starting in 2024,” explained a member of the economic reform committee.
According to the parliamentarian, in addition to the current value-added taxes on the import of miners and fees for digital mining per kilowatt, it is planned to levy corporate income tax on miners’ remuneration, tax on mining pool income and fees on operations on crypto-exchanges to the republican budget.
Recently, Russia updated the agreement on the joint operation of the energy system of Russia and Kazakhstan in order to supply electricity for the mining of cryptocurrencies.
Source: Bits
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