Get ready Kazakhstan, because the crypto scene is about to heat up! The Senate in Nur-Sultan has given the final stamp of approval on the digital assets in the Republic of Kazakhstan law. This new piece of legislation, along with a few others, is going to give the crypto world in Kazakhstan a much-needed regulation boost.
Lawmakers in Kazakhstan approved bills related to cryptocurrencies and mining, requiring miners to purchase electricity from the public grid only if there is a surplus; adding a large number of new tax rules involving crypto; plans to ban cryptocurrency transactions advertising.
— Wu Blockchain (@WuBlockchain) December 7, 2022
Senators Give Crypto the Green Light
Kazakhstan’s Senate is leading the way in the crypto world by passing a bill aimed at regulating all things crypto in the Central Asian nation. This new law, combined with a few others, is going to create the perfect environment for a thriving crypto ecosystem in Kazakhstan.
The law was considered by the upper house of parliament earlier in January, and after some amendments were proposed, it was sent on its way. Unfortunately, the lower house was dissolved and early elections were called, but that’s not stopping the Senate from getting things done! The Senate now holds all legislative powers and the new law will help the President fulfill his duties in regulating the mining and circulation of digital currencies.
The President is yet to sign the law and the related amendments, but once he does, it will set in motion a new era of crypto regulation in Kazakhstan. The government’s goal is to regulate companies that mine digital currencies and the new legislation creates a legal framework for the sector, legalizing the market for digital assets with licenses for both miners and exchanges. The authorities are hoping this will attract more foreign investment and increase state budget revenues.
Starting January 1st, registered crypto miners in Kazakhstan started paying a higher surcharge for electricity, and now with the new regulation in place, the government is cracking down on underground mining farms and illegal trading platforms.