Kazakhstan’s parliament approves the bill on the legalization of cryptocurrencies in the first reading

According to the document, mining, the issuance, and circulation of digital assets, as well as the operation of crypto exchanges in the country fall under the regulation

12.10.2022 - 12:30

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What’s new? Kazakhstan’s lower house of parliament has approved in the first reading the bill on the regulation of digital assets and mining. The document reflects the rules of the issuance and circulation of both backed and unbacked assets, TASS reports.

News on the TASS website

What is known about the bill? According to a member of the Committee on Economic Reform and Regional Development Ekaterina Smyshlyaeva, legal mechanisms for electricity consumption for the mining industry will be introduced. Appropriate quotas will be introduced depending on the balance of the system. This will open up additional opportunities for attracting financing for the construction of new generations on fields and renewable energy sources.

Mandatory registration, licensing, and taxation will be introduced for miners. In addition, participants of cryptocurrency mining will be obliged to exchange up to 75% of their capital on local crypto exchanges. Miners’ remuneration will be subject to corporate income tax, tax on income of the mining pool, and fees on transactions on exchanges. The Ministry of Digital Development, Innovation and Aerospace Industry will regulate the activities of miners.

In September, the Eurasian Bank conducted the first transaction to buy bitcoin for fiat money. The second party to the transaction was Intebix (Biteeu Eurasia), a Kazakh cryptocurrency exchange. The bank’s upcoming plans also include the issuance of a cryptocurrency payment card for residents of Kazakhstan.

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