Kazakhstan lawmakers have passed the “On Digital Assets of the Republic of Kazakhstan” crypto assets bill and other bills regulating crypto mining in the country.
The changes include regulations requiring miners to purchase only surplus electricity from the public grid, new tax rules governing crypto, and plans to ban cryptocurrency transactions advertising.
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 the country. The bill will now go to a third reading, which precedes a vote.
The proposed legislation will establish separate licensing regimes for cryptocurrency miners based on whether they operate their own facilities or rent them from third-party providers.
Miners would also be required to purchase their electricity from the shared grid at market prices through energy supplier Korem, which would be in addition to the previously mentioned particular levies on miner electricity usage.
Following significant demonstrations over high gasoline costs in January, which resulted in political crackdowns, including an internet shutdown, Kazakhstan enforced a new reporting and taxing framework for cryptocurrency miners.
Ekaterina Smyshlyaeva, a member of the Majlis Economic Reform and Regional Development Committee, stated:
“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.”
According to Smyshlyaeva, cryptocurrency and crypto exchange operations are illegal in Kazakhstan. Crypto operations are simply a component of an experimental legal framework governed by AIFC.
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