Kazakhstan is a very progressive country when it comes to cryptocurrencies. Its crypto mining industry has even become one of the largest in the world. The only problem: it favors the shortage of electricity on the entire Kazakh territory. For this reason, the Kazakh Parliament decided to take stricter measures. The main goal: to regulate crypto mining in Kazakhstan.
Crypto Mining in Kazakhstan: What About New Regulations?
L’crypto mining has been legal in Kazakhstan since July 2022. According to current regulations, a company must:
- provide a special license to engage in digital mining in that country;
- obtain a permit to import mining equipment;
- inform the competent authorities of all planned activities.
Since 1ah From January this year, digital mining in Kazakhstan will also be subject to a special tax. This tax is equivalent to 1 Kazakh tenge for 1 kilowatt hour of electrical energy consumed by mining.
What does the new law bring?
The federal parliamentary body of Kazakhstan recently read a Digital asset invoices (including crypto). It is about one second reading approved by a majority of MPs.
Under this new law, only companies registered with the Astana International Financial Center or non-resident entities that have agreements with authorized data centers will be granted permission to mine crypto.
The new legislation also strengthens permitting measures. Specifically, it would be a matter of setting up new approval regimes. They depend on whether crypto miners operate their own facilities or rent from providers.
This new law would also oblige crypto miners to buy their electricity on the shared grid at market prices through the utility Korem.
Because of the crackdown on the crypto industry in China, Kazakhstan has become a magnet for crypto miners. The result: a growing energy deficit. Parliament must resolve this energy issue without harming the crypto mining industry, which is extremely beneficial for the country.
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My name is Ariela and I am 31 years old. I’ve been working in webwriting for 7 years now. I only discovered trading and cryptocurrency a few years ago. But it’s a universe that I’m very interested in. And the topics covered on the platform allow me to learn more. In my spare time I am a singer, but I also have a great passion for music and reading (and animals)!