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Kazakhstan proposes draft law to regulate mining

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Kazakhstan proposes draft law to regulate mining

MPs Majilis Kazakhstan developed a bill regulating the production of cryptocurrencies in the country.

The document allows mining only for participants of the Astana International Financial Center (AIFC), as well as for non-resident legal entities if they have an agreement with licensed data centers.

Now the notification procedure for the start of activities in the field of cryptocurrency mining is voluntary and is regulated by an order of the Minister of Digital Development.

By words Deputy Ekaterina Smyshlyaeva, at the moment only a third of the mining companies represented in the country have registered in the registry.

“The uncontrolled use of electricity by “gray” miners poses a threat to the energy security of Kazakhstan,” she said.

Smyshlyaeva believes that the bill will be the first step in creating legal conditions for the development of the cryptocurrency ecosystem in the country. In parallel, the development of additional regulations will continue.

“The current legislation has not yet regulated: the mechanism for the sale of the mined cryptocurrency and the role of Kazakh financial service providers in this; turnover of secured digital assets. The procedure for their production and the establishment of property rights to them are regulated only at the sub-legislative level,” the deputy stressed.

According to the State Revenue Committee of the Republic of Kazakhstan, in the first quarter of 2022, miners replenished the budget by $1.5 million.

At the end of May, the authorities of Kazakhstan approved in the first reading new tax rates for miners.

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Source: Cryptocurrency

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