The Majilis have accepted the brand new invoice “On Digital Property of the Republic of Kazakhstan” governing the regulation of crypto property alongside 4 different crypto mining regulation payments in Kazakhstan.
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New crypto rules in Kazakhstan. Once more.The Majilis accepted the invoice “On Digital Property of the Republic of Kazakhstan”, in addition to 4 associated payments on the regulation of digital mining in Kazakhstan
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— Didar (@didar_bekbau) December 7, 2022
The proposed rules in Kazakhstan relating to digital mining and the usage of cryptocurrencies look like geared toward offering a extra structured and managed framework for the mining, and use of cryptocurrencies throughout the nation.
The proposed measures embrace the introduction of licensing for digital miners, in addition to new taxes on company revenue, and value-added tax for people conducting transactions with cryptocurrencies.
Moreover, the circulation of cryptocurrencies and the actions of crypto exchanges will stay prohibited on the territory of Kazakhstan, with such operations allowed solely underneath an experimental authorized regime with a license from the Astana Worldwide Monetary Centre (AIFC).
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It’s deliberate to introduce a ban on promoting of cryptocurrency transactions, and for secured property a particular process for its regulation has been launched, by analogy with securities.
— Didar (@didar_bekbau) December 7, 2022
Ekaterina Smyshlyaeva, Deputy of the Majilis Committee on Financial Reform and Regional Growth stated:
“The invoice, along with obligatory accreditation, introduces separate necessities for mining swimming pools by way of the placement of their server capacities in Kazakhstan and compliance with data safety guidelines,”
Miners will now be capable to buy electrical energy from the widespread energy grid solely in circumstances the place there’s a surplus and solely via the KOREM trade.
In an public sale for electrical energy the place the very best bidder wins, solely these most financially secure will in the end acquire entry to the ability grid’s surplus of electrical energy.
Moreover, it is usually proposed {that a} ban on promoting of cryptocurrency transactions be launched.