Kazakhstan lawmakers have passed the “On Digital Assets of the Republic of Kazakhstan” crypto assets bill and other bills regulating crypto mining in Kazakhstan. The new regulations require miners to purchase only surplus electricity from the public grid, introduce new tax rules governing crypto, and ban cryptocurrency transactions advertising.
Kazakhstan Shifts From Easing To Strict Crypto Regulations
The Mäjilis, the lower house of Parliament of Kazakhstan, has approved several cryptocurrency-related bills including the “On Digital Assets of the Republic of Kazakhstan” and four bills to regulate crypto mining in Kazakhstan.
Miners can purchase electricity from the common power grid only in case of availability of surplus. Moreover, miners can exclusively buy through the Kazakhstan Electricity and Power Market Operator (KOREM) exchange. It is an auction for electricity in which high bids win.
Furthermore, mining licensing is proposed to be divided into two categories. Digital miners who own the infrastructure such as data processing centers with appropriate requirements for equipment, location, and security comes under the first category. The second category is digital miners who rent cells in data processing centers and do not claim an energy quota.
Ekaterina Smyshlyaeva, a member of the Majilis’ Committee on Economic Reform and Regional Development, said:
“The bill, in addition to mandatory accreditation, introduces separate requirements for mining pools in terms of the location of their server capacities in Kazakhstan and compliance with information security rules.”
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