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
499
1 min
0
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.
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.
Useful material?
Market
Earlier, Trump promised to include the first cryptocurrency in the country’s reserves if re-elected as president
Nov 7, 2024
Incidents
According to the publication, the platform’s activities fall under the definition of gambling
Nov 7, 2024
Market
According to the founder of TRON, the leading US crypto exchange asked for several hundred million dollars for the listing of TRX
Nov 4, 2024
Incidents
The company conducted fictitious trading for six years to inflate the trading volume of tokens of several companies, receiving payment for these services
Nov 1, 2024
Market
1,5 million addresses have already left applications
Oct 31, 2024
Business
The company began investing in bitcoin in 2020, and since then, the value of its securities has risen by 1700%
Oct 30, 2024