The Majilis approve new crypto regulation bill in Kazakhstan

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The Majilis have approved the new bill “On Dig­i­tal Assets of the Repub­lic of Kaza­khstan” gov­ern­ing the reg­u­la­tion of cryp­to assets along­side four oth­er cryp­to min­ing reg­u­la­tion bills in Kazakhstan.

The pro­posed reg­u­la­tions in Kaza­khstan regard­ing dig­i­tal min­ing and the use of cryp­tocur­ren­cies appear to be aimed at pro­vid­ing a more struc­tured and con­trolled frame­work for the min­ing, and use of cryp­tocur­ren­cies with­in the country.

The pro­posed mea­sures include the intro­duc­tion of licens­ing for dig­i­tal min­ers, as well as new tax­es on cor­po­rate income, and val­ue-added tax for indi­vid­u­als con­duct­ing trans­ac­tions with cryptocurrencies.

Addi­tion­al­ly, the cir­cu­la­tion of cryp­tocur­ren­cies and the activ­i­ties of cryp­to exchanges will remain pro­hib­it­ed on the ter­ri­to­ry of Kaza­khstan, with such oper­a­tions allowed only under an exper­i­men­tal legal regime with a license from the Astana Inter­na­tion­al Finan­cial Cen­tre (AIFC).

Eka­te­ri­na Smyshlyae­va, Deputy 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,”

Min­ers will now be able to pur­chase elec­tric­i­ty from the com­mon pow­er grid only in cir­cum­stances where there is a sur­plus and sole­ly through the KOREM exchange.

In an auc­tion for elec­tric­i­ty where the high­est bid­der wins, only those most finan­cial­ly sta­ble will ulti­mate­ly gain access to the pow­er grid’s sur­plus of electricity.

Fur­ther­more, it is also pro­posed that a ban on adver­tis­ing of cryp­tocur­ren­cy trans­ac­tions be introduced.

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