Kazakh miners were required to sell up to 75% of the mined cryptocurrency to exchanges

Platforms must be registered in the special economic zone of Kazakhstan

13.02.2023 - 10:00

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What’s new? The law on digital assets adopted by the Parliament and signed by the President of Kazakhstan contains a provision on mandatory sale by local miners of 50% to 75% of the mined cryptocurrency through licensed crypto exchanges. Thus, from January 1, 2024, miners will sell 50% of mined assets to exchanges, and in 2025 this figure will increase to 75%.

Text of the law on digital assets

Details about the law. The law “On Digital Assets in the Republic of Kazakhstan” was adopted by Parliament and came into force after being signed by President Kassym-Jomart Tokayev on February 6. The main purpose of the document is to create a regulatory framework for the issuance and turnover of digital assets, as well as mining in the country.

Cryptocurrency mining companies must obtain a license, provide income information and pay the appropriate taxes. All miners must work through accredited local pools, and the mined cryptocurrency must be sold to exchanges located in the special economic zone of Kazakhstan, the Astana International Financial Center.

Earlier, Kazakhstan completed testing of the digital tenge platform, and the Central Bank issued recommendations on the deployment of the asset for 2023-2025. Also, the Central Bank will integrate the digital tenge with the BNB Chain from the Binance crypto exchange.

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