The Parliament of Kazakhstan passes a law to regulate crypto mining and exchange regulation

The legislator in only-sultan has approved the final version of the law "about digital assets in the Republic of Kazakhstan". The new legislation, including several other draft laws, regulates the circulation of cryptocurrencies in the country and introduces a licensing system for crypto miners and exchanges.

Senate votes on crypto law and sends it to the President of Kazakhstan

The Kazakh Senate has passed a bill to regulate cryptocurrencies and associated activities in the Central Asian nation. In addition to additional legal documents, the new law "about digital assets in the Republic of Kazakhstan" creates conditions for the establishment of a crypto ecosystem in the country, reported local media.

Members of the parliamentary house examined the comprehensive package in early January and decided to propose certain changes to the Mazilis that had already approved their version of the law. President Kassym-Schomart Tokayev, however, dissolved the lower house on January 19 and entered early new elections.

TOKAJEW must still sign the law and the other necessary changes introduced by the senators, including changes to the laws of Kazakhstan via taxes and other payments to the household, the judicial administration and administrative offenses.

A main goal of the government is to regulate the activities of companies that shape digital currencies in the country. After China's approach to industry, Kazakhstan became a hotspot for crypto mining. The influx of miners was held responsible for its growth Strom Deficit .

The newly adopted legislation creates a legal framework for the sector and legalizes the market for digital assets by introducing licenses for both miners and crypto bears. The authorities also hope that it will attract more foreign investments and increase state income.

The new rules apply after the crypto miner registered with the payment on January 1st higher surcharge For the electricity that you consume according to a law signed by President Tokajew in July 2022. Regulatory efforts have followed Kazakhstan the subsoil mining businesses and illegal trading platforms .

Do you believe that Kazakhstan will be an attractive goal for crypto companies after the new legislation comes into force? Share your expectations in the comment area below.

lubomir Tassew

lubomir Taskensev is a journalist from the technically experienced Eastern Europe, to the Hitchen's quote: "To be a writer is what I am and not what I do." In addition to crypto, blockchain and fintech, international politics and business are two other sources of inspiration.

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